VIENNA, Va.–The nation’s biggest credit union is also the biggest when it comes to the number of members it may help during the government shutdown.
While the Department of Defense was able to reallocate funds in its budget to meet the $8 billion in payroll it owed to members of the military on Oct. 15, another payday is coming this week. And if the DoD can’t successfully find funding again, it could mean a significant amount of assistance from the $194-billion Navy Federal Credit Union.
In response to a query from the CU Daily, a spokesperson for Navy Federal said, “Compared to previous shutdowns, there has been a significant increase in interest for our Government Shutdown Loan Program. Currently, we have over 350,000 members enrolled for assistance. Navy Federal’s members stand to have up to $2.5 billion impacted per missed pay period. Of that, 80% is tied to active-duty military and reserves, which has not been affected by any pay disruptions so far.
A ’Fluid Situation’
“Currently, our disbursements are $157 million to our members who’ve missed all or some of their paychecks,” the spokesperson continued. “This is a fluid situation, one we are monitoring closely, and we encourage our members to stay up to date on the program and any potential changes that may be necessary by visiting our website.”
Navy Federal just surpassed 15 million total members.
