Navy Federal to Provide Support to Members in Event of Government Shutdown

VIENNA, Va.--(BUSINESS WIRE)--As a March 14 deadline to extend federal spending authorization approaches, Navy Federal Credit Union will again offer 0% APR loans to eligible members in the event of a government shutdown. Navy Federal activated similar support programs during shutdowns in 2011, 2013 and, most recently, in 2018-2019, when it provided loans to nearly 20,000 members.

Navy Federal’s paycheck assistance program will be available to any military servicemember, federal government employee or contractor who is currently paid directly by the federal government; who receives a paycheck via direct deposit with Navy Federal; and whose pay would be impacted by a shutdown of the federal government.

“Economic uncertainty has left many of our members concerned about their personal finances,” said Pete Amstutz, Navy Federal’s senior vice president of savings and membership. “One of the great benefits of being a not-for-profit credit union that exists to serve its members is the ability to offer products and programs like this one, particularly when members have great financial need.”

Should a deal not be reached in the coming days, Navy Federal members will be able to register for the credit union’s paycheck assistance program on its mobile app and website beginning on Tuesday, March 11. Updates to the program will be posted on Navy Federal’s website, as needed.

About Navy Federal Credit Union: Established in 1933 with only 7 members, Navy Federal now has the distinct honor of serving more than 14 million members globally and is the world’s largest credit union. As a member-owned and not-for-profit organization, Navy Federal always puts the financial needs of its members first. Membership is open to all Department of Defense and Coast Guard Active Duty, Veterans, civilian and contractor personnel, and their families. Dedicated to its mission of service, Navy Federal employs a workforce of 25,000 and has a global network of more than 365 branches. For more information about Navy Federal Credit Union, visit navyfederal.org. Federally insured by NCUA. Equal Opportunity Employer.