Maine Credit Unions announce preparations to help state workers impacted if state does shutdown
June 29, 2017
As a Maine state government shutdown approaches at the close of business on June 30, Maine’s credit unions have come together to offer assistance to state workers impacted by the shutdown. If a shutdown does occur, many of the state’s 58 credit unions will be offering special no or low interest loans to cover the loss of paychecks for state employees who are out of work in the event of a shutdown of Maine State government, and a variety of other forms of assistance.
Todd Mason, President of the Maine Credit Union League, said the announcement of the assistance program is “an effort to help alleviate financial fears and concerns of state workers who would not get paid if state government is shutdown. Maine’s credit unions were founded on the philosophy of ‘people helping people’, and nearly a century later, the commitment and dedication of credit unions to helping their members in good times and in difficult times is as strong as ever. A number of credit unions are hearing from state workers who are concerned about paying their bills if they aren’t getting a paycheck as a result of the shutdown. The willingness of Maine’s credit unions to come together as a cooperative system to offer loans at no or low interest rates and other assistance is one less thing that credit union members who work in state government have to worry about.”
“Being headquartered in Augusta, there are, of course, many state workers who we serve. We have heard from many of them regarding their concerns about their finances in the event of a shutdown. They are worried about making their mortgage payment, car payment, even just buying food. With a state shutdown getting closer, those concerns are quickly turning into fears, and that is hard on people and their families. We will help in any way we can,” explained Tucker Cole, President/CEO of Maine State CU, one of many Maine CUs preparing to offer assistance.
Mason said a shutdown of state government does not only impact those workers based in Augusta, but workers in field offices across Maine. “The impact would be felt statewide so it is great that many of the state’s credit unions, from Madawaska to York and everywhere in between are offering some sort of program to assist state workers.”
In addition to special loans to cover the loss of paychecks, a number of credit unions are also planning on offering other programs designed to help state workers including refunding overdraft fees, skip a loan payment options, extensions and more.