Banks and credit unions across the country are waiving fees and offering low- to no-interest loans to help federal workers affected by the partial government shutdown.
U.S. Bancorp on Friday began offering loans between $100 and $6,000 at low rates to qualified federal employees who have an existing U.S. Bank account so they can cover expenses until they return to work.
"We understand the financial pressure that many of our customers who serve our nation are now facing, and we're here to help,” Chairman and CEO Andy Cecere said in a news release.
Many other large and regional banks have taken similar steps.
The five federal banking regulators issued a joint statement on Friday encouraging banks and credit unions to assist customers in these ways. The agencies said that assistance offered to workers “should not be subject to examiner criticism.”
That guidance will go a long way to alleviating bankers’ concerns and “will enable banks to do more for their customers impacted by this partial shutdown,” Richard Hunt, CEO of the Consumer Bankers Association, said in a statement Friday.
Read more in American Banker.