March 5, 2013 – NAFCU member credit unions said they are
standing by with zero-percent loans, penalty waivers and more in response to
the association’s request for information on what the institutions are doing to
help members through the sequester in effect this fiscal year.
The president signed the sequester order on Friday, setting
the stage for tens of billions of dollars in spending cuts in fiscal 2013. The
Justice Department and National Labor Relations Board issued notices of
possible furloughs in advance of Friday’s order.
Federal employees will know if they are to be furloughed if
they receive letters of furlough from their agencies; those letters must be
sent at least 30 days in advance of the furlough. That aside, the sequester is
expected to affect federal contractors, defense programs and any market
affected by reduced buying power of individuals taking cuts in hours worked.