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Petros details impact of government shutdown in new op-ed
NAFCU Vice President of Regulatory Affairs Ann Petros wrote an op-ed for CU Insight Thursday that details how credit unions and consumers would be impacted during a government shutdown. Additionally, Petros called on Congress to find bipartisan solutions to fund the government.
She noted the U.S. has already had 21 shutdowns, but said that “through all the other shutdowns, credit unions have remained safe, secure, and reliable.” Petros added that credit unions stepped up to help their members during prior shutdowns.
“During previous shutdowns, credit unions have offered 0% interest loans, unsecured loans to cover the amount of lost paychecks, waived fees and more,” she wrote.
Petros also provided credit unions with details on how government agencies would be impacted by a government shutdown. She highlighted that the NCUA and CFPB are independent regulators, meaning a shutdown would likely have little impact on their operations. However, Petros remarked that the Federal Register would not publish new proposed or final rules until after the shutdown.
Petros closed by calling on Congress to match the credit union mission of putting people first.
“No matter the situation, credit unions will meet their mission by providing for their members and putting people first,” she wrote. “Now it’s time for the government to match that sentiment. Congress must prioritize bipartisan solutions to avert any disruption that could undermine the financial well-being of credit unions and the 138 million Americans they serve.”
Read the full op-ed. NAFCU will provide updates on government funding via NAFCU Today.