SAN ANTONIO, Texas–It isn’t just credit unions offering assistance to furloughed federal employees whose finances are becoming strained as the government shutdown lasts into its fifth week. USAA is reporting it has issued more than 90,000 no-interest loans to federal employees affected by the government shutdown, totaling about $328 million.
It isn’t alone. Bank of America is offering credit deferrals and auto loans. Dozens of other banks are offering assistance, according to Axios.
USAA, which like credit unions stresses that it is a membership-based organization, is providing members 60 to 90 days for repayment from the loan issue date.
Other institutions require the money back as soon as backpay is issued to the customer, Axios noted.
What’s Happening in One State
Meanwhile, in North Dakota, furloughed federal workers received nearly $1 million in emergency relief loans for missed paychecks from North Dakota banks since the start of the federal government shutdown.
The Furloughed Federal Employee Relief Program, administered by the Bank of North Dakota, along with other loan programs from community banks were established earlier this month to help federal workers affected by the shutdown meet their financial obligations, according to the bank.
More Than 75 Applications
Don Morgan, president of the Bank of North Dakota, said the bank has received 77 applications for the state’s loan program as of Oct. 27, totaling about $480,000, with many of the requests centered around the Air Force bases at Minot and Grand Forks, as well as Cass and Morton counties.
Morgan said the bank was anticipating between 500 to 1,000 furloughed North Dakota federal workers would take advantage of the program. The Industrial Commission estimates there are about 9,200 federal workers in North Dakota, including members of the military.
