Newsroom
February 10, 2013
If funding expires, federal shutdown ahead
Feb. 11, 2013 – Federal government agencies and offices are currently operating under a continuing resolution, or stopgap funding bill,that expires March 27, leaving just weeks for Congress and the White House to agree on fiscal 2013 funding to avoid a federal government shutdown.
Credit unions aren't funded by federal tax dollars, and neither is NCUA. However, many credit unions have facilities in federal government buildings and on military installations. Millions of credit unions members are also paid by the federal government, either as agency workers, under contract or as members of the military. A federal shutdown would have serious consequences.
Quincy Enoch, NAFCU's associate director of legislative affairs and military liaison, wrote defense credit unions recently about the possibility of a shutdown. In his email, which also touted Military Saves Week (Feb. 25-March 2), he recalled that large numbers of credit unions put their own plans together in 2011 – the last time there was a real shutdown threat – for assisting their members in the event of furloughs.
The credit unions' plans included elements such as deferred-payment terms for existing loans, the extension of very-low-cost loans to affected members and advance-pay loans. Enoch encouraged credit unions to start thinking about these types of plans now.
"When a shut-down appears imminent, we try to give base commanders and federal agency officials a list of the institutions that have shared their plans to assist members during a furlough," he said. "We will be working to do that in the weeks ahead as the March 27 CR deadline nears." Credit unions can send their information to Enoch by email to qenoch@nafcu.org.
Credit unions aren't funded by federal tax dollars, and neither is NCUA. However, many credit unions have facilities in federal government buildings and on military installations. Millions of credit unions members are also paid by the federal government, either as agency workers, under contract or as members of the military. A federal shutdown would have serious consequences.
Quincy Enoch, NAFCU's associate director of legislative affairs and military liaison, wrote defense credit unions recently about the possibility of a shutdown. In his email, which also touted Military Saves Week (Feb. 25-March 2), he recalled that large numbers of credit unions put their own plans together in 2011 – the last time there was a real shutdown threat – for assisting their members in the event of furloughs.
The credit unions' plans included elements such as deferred-payment terms for existing loans, the extension of very-low-cost loans to affected members and advance-pay loans. Enoch encouraged credit unions to start thinking about these types of plans now.
"When a shut-down appears imminent, we try to give base commanders and federal agency officials a list of the institutions that have shared their plans to assist members during a furlough," he said. "We will be working to do that in the weeks ahead as the March 27 CR deadline nears." Credit unions can send their information to Enoch by email to qenoch@nafcu.org.
Share This
Related Resources
Add to Calendar 2024-06-26 14:00:00 2024-06-26 14:00:00 Gallagher Executive Compensation and Benefits Survey About the Webinar The webinar will share trends in executive pay increases, annual bonuses, and nonqualified benefit plans. Learn how to use the data charts as well as make this data actionable in order to improve your retention strategy. You’ll hear directly from the survey project manager on how to maximize the data points to gain a competitive edge in the market. Key findings on: Total compensation by asset size Nonqualified benefit plans Bonus targets and metrics Prerequisites Demographics Board expenses Watch On-Demand Web NAFCU digital@nafcu.org America/New_York public
Gallagher Executive Compensation and Benefits Survey
preferred partner
Gallagher
Webinar
Add to Calendar 2024-06-21 09:00:00 2024-06-21 09:00:00 The Evolving Role of the CISO in Credit Unions Listen On: Key Takeaways: [01:30] Being able to properly implement risk management decisions, especially in the cyber age we live in, is incredibly important so CISOs have a lot of challenges here. [02:27] Having a leader who can really communicate cyber risks and understand how ready that institution is to deal with cyber events is incredibly important. [05:36] We need to be talking about risk openly. We need to be documenting and really understanding what remediating risk looks like and how you do that strategically. [16:38] Governance, risk, compliance, and adherence to regulatory controls are all being looked at much more closely. You are also seeing other technology that is coming into the fold directly responsible for helping CISOs navigate those waters. [18:28] The reaction from the governing bodies is directly related to the needs of the position. They’re trying to help make sure that we are positioned in a way that gets us the most possibility of success, maturing our postures and protecting the institutions. Web NAFCU digital@nafcu.org America/New_York public
The Evolving Role of the CISO in Credit Unions
preferred partner
DefenseStorm
Podcast
AI in Action: Redefining Disaster Preparedness and Financial Security
Strategy
preferred partner
Allied Solutions
Blog Post
Get daily updates.
Subscribe to NAFCU today.