COLUMBIA, Md. – With what appears to be a deal in place to bring the federal government shutdown to an end, the MD|DC Credit Union Association is reporting that credit unions in Maryland, Delaware and the District have provided over $208 million in assistance to 11,364 members since Oct. 1.
Those areas, along with Northern Virginia, have been among the most affected by the shutdown given the high concentration of federal workers in the Washington, D.C. region.
According to the MDDCCUA, that assistance has included:
- $20 million in no-interest or low-interest loans to 4,378 members
- More than $76 million in mortgage forbearance/deferments to 398 members
- Nearly $112 million loan payment extensions to 6,588 members
- 2,815 fee waivers granted.
‘Financial Lifelines’
“Credit unions mobilized quickly to support their members, activating assistance programs to provide financial lifelines in response to the shutdown,” John Bratsakis, president and CEO, MD|DC Credit Union Association, said in a statement. “As the government moves closer to reopening, credit unions remain focused on helping members recover financially and plan for the weeks ahead. We encourage consumers to contact their credit union to explore available relief and payment flexibility options.”
The MDDCCUA said credit unions have played a “vital role” in helping members navigate missed paychecks, while also providing financial counseling and supporting community initiatives.
Minding the Gap
“Our priority is making sure members know we’re here to help them through the current federal government actions,” Rick Wieczorek, president and CEO of NIH Federal Credit Union in Columbia, Md., said in a statement. “Many of the loans we’re providing are helping members bridge the gap from missed paychecks and maintain stability during an uncertain time. It’s gratifying to hear from members who appreciate their credit union’s commitment to going above and beyond to help. That’s the credit union difference.”
‘Holistic Approach’
Added Brett Noll, president and CEO of FedChoice FCU in Lanham, Md., in a statement, “2025 marks the 90th anniversary of FedChoice serving the federal community. We’ve been through government shutdowns before and understand the financial challenges our members face. That’s why we, and many other credit unions, immediately activated support measures from day one. And we’re approaching this holistically – it’s not just people’s wallets that are impacted. When we hosted our onsite event offering lunch, we also offered the ability to sign up to work with a Certified Financial Planner and mental health support was onsite. It’s not about profit at a credit union; it’s about helping people.”
