At least one Michigan credit union has stepped up to help its members who are facing pay cuts following the federal budget sequestration.
Peoples Trust CU is making low-interest loans to any member who suffers an interruption of income due to a furlough stemming from the sequester, President/CEO Bob Podzikowski said.
“In addition, we will offer the same program to members who may in the future be impacted by a government shutdown, should Congress fail to extend the federal debt ceiling,” Podzikowski said.
Peoples Trust was chartered as Detroit Federal Employees CU and still has several federal employee SEGs within its membership.
Podzikowski said that the members appreciate the credit union stepping up to help.
“It is telling that large financial institutions caused a large portion of today's fiscal woes,” Podzikowski said a member told him. “Federal employees are publicly blamed; and here comes a credit union actually helping its members.”