WASHINGTON (3/6/13)--The Washington Post highlighted a recent News Now article in its own March 5 story on federal employees facing the threat of sequestration-caused furloughs. The News Now story featured how credit unions are stepping up to help with special assistance programs for members.
The Post article noted that federal employees holding security clearances, who run into financial trouble due to the furloughs, should notify their agency so the troubles don't muddle their clearance status. The article reminded that "indebtedness is one of the potential indicators of reliability, trustworthiness and judgment that go into a decision on granting or continuing security clearances, which are needed for many federal jobs."
The article also noted federal guidance that advises employees that many creditors are willing to work with borrowers in such situations.
"For example, the Credit Union National Association has said that many federal credit unions will offer special low-interest loans with flexible repayment terms and will allow existing loans to be extended, among other benefits for account holders who are furloughed," it said, and hyperlinked to the News Now article. (See resource link.) (Also see second article in the series in this issue, "More CUs Preparing Members For Sequestration Issues.")
News Now is CUNA's highly regarded daily online news service, which features comprehensive news coverage with a credit union audience in mind. Use the second link for a free subscription.