FAA Credit Union and Tinker Federal Credit Union will offer short-term loans and other financial assistance to members who face work furloughs due to the federal sequestration.
Oklahoma City-based FAA Credit Union will offer FAA and other federal employees who receive furlough letters a 60-day, no-interest loan of up to $6,000, among other options.
The credit union has about 48,000 members in central Oklahoma, many of whom are federal employees.
The FAA has about 5,000 employees in Oklahoma City, most at the Mike Monroney Aeronautical Center, who could face work furloughs due to the budget impasse in Washington.
FAA Credit Union also will waive some fees for furloughed workers, including overdraft fees and penalties on early CD withdrawals.
The credit union offered similar arrangements for about 175 FAA workers who were furloughed in 2011, said Steve Rasmussen, president and CEO of FAA Credit Union.
“People seemed to respond favorably to those and we're committed to helping our members in anyway we can,” Rasmussen said.
Tinker Federal Credit Union will offer special payment arrangements, waive fees and other services including help to set up a sequestration financial plan for members who receive furlough letters.
Tinker Federal has more than 270,000 members, including large numbers of Tinker Air Force Base employees and family members, said Matthew Stratton, senior vice president of marketing for Tinker Federal.
“We want to work with every member individually,” Stratton said. “If they are going to be furloughed — no two members are going to be in the same financial situation because of that — but we have a variety of tools to help.”