The odds of a government shutdown are increasing after the White House cancelled a meeting with Democratic Congressional leadership this week.
Republicans have proposed a 7-week “clean” continuing resolution to fund the government while longer-term budget discussions are ongoing. Democrats are disagreeing with the “clean” mantra, given that Affordable Care Act healthcare credits are set to expire at the end of 2025, with no re-upping in sight.
Planning Ahead
While we don’t wade into budget discussions in Congress like this, we do think it’s prudent that Tennessee’s credit unions are prepared in the event that the government shuts down. If you haven’t recently studied the percentage of federal workers in your membership, now is the time to do so. How many car and home loans are with your federal worker members? While typical shutdowns don’t last for very long, these are not typical times.
Your League will continue to keep you abreast of new developments over the next week and beyond!
What You Need To Know
NCUA: In the event of a shutdown, the NCUA would remain open and credit union deposits would remain insured.
Members who are military members and federal employees: In previous situations, the NCUA has shared ways credit unions can support members—particularly military members and federal employees—while ensuring safety and soundness of their institution. That includes offering special programs to assist members who need short-term loans, loans with special terms and rates, or payment flexibility.
Branches in government buildings: Credit unions that have branches in government buildings or on federal property may experience service interruptions as hours and access could be impacted during the shutdown.
