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Reid says FAA deal set but CUs were ready
MADISON, Wis. (8/5/11)--As U.S. Senate Majority Leader Harry Reid (D-Nev.) and Congress reached an agreement to fund the Federal Aviation Administration (FAA) Thursday afternoon, credit unions serving FAA employees had already begun offering financial assistance for work disruptions caused by the funding stalemate. The agreement ended a partial shutdown of the FAA that left 74,000 transportation and construction employees out of work and 40 safety inspectors working without pay The New York Times Aug. 4). At FAA FCU, Oklahoma City, Okla., furloughed employees with delayed paychecks were offered 60-day, 0% interest rate loans for 100% of their last paycheck up to $6,000. The $502 million FAA FCU offered overdraft forgiveness and skip-a-payment on up to two monthly loan payments, excluding mortgages, to furloughed members up to 60 days from the furlough date. The credit union also offered to waive its $40 overdraft fee. SkyOne FCU, with $339 million in assets, Hawthorne, Calif., offered a Crisis Co-Pilot signature loan up to $5,000 with a 0% annual percentage rate for the first six months and terms as long as 48 months, with no payments the first 90 days. SkyOne FCU also offered reversals on select fees for six months if needed, extensions on loan payments and free credit counseling.
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