Whenever there is the possibility of a government shutdown, FedChoice Federal Credit Union immediately jumps into action and starts planning direct support for federal employees.

The Lanham, Maryland–based financial institution, which serves more than 25,000 members and manages $447 million in assets, processed assistance for hundreds of federal workers after the shutdown began. The FedChoice strategy focused on addressing the full impact of the crisis: the mind, body, wallet and health of their members.

Between Oct. 1 and Nov. 5, FedChoice welcomed over 400 new members seeking financial support and allowed nearly 350 members to skip consumer loan payments, preserving nearly $150,000 in immediate cash flow for affected households. This $2.4 million in direct financial aid was critical when at least 670,000 federal employees were furloughed, while roughly 2 million continued working without pay, FedChoice President and CEO Brett Noll said.

Addressing the shutdown’s full economic impact

FedChoice wants consumers to know the shutdown affects everyone. Experts estimate the economic impact of this shutdown ranged from $7 billion to $16 billion per week of lost U.S. revenue. The drastic slowdown affects every American because there is less money fueling the economy, creating an anchor on access to lending and competitive rates.

“We know that our federal workers aren’t back on their feet and doing fine just because congress voted to end the shutdown,” Noll said. “We remain committed to helping federal employees return to financial normalcy as quickly as possible. Regardless of there being a shutdown or not, we exist to improve the financial well-being of our members, most of whom are federal employees.”

FedChoice has designed products and services to directly address these issues head on and advance its mission to serve. FedChoice’s FedAssist Program is tailored to put money into federal workers’ pockets at competitive market rates to help them move into their first or next home, purchase or refinance cars and trucks, and more, said Christine Wright, vice president of marketing at FedChoice. The program even offers support like skip-a-pay loan options.

“What is a travel inconvenience for Americans across the country is devastating to our family of federal workers,” Wright pointed out. “The people who are impacted aren’t just a headline on the news. One of our members visiting a branch said, ‘Look, I’m trying to figure out if I need to go to food banks? I’m worried about the gas in my car.’ And he just started hugging people and thanking us. These are the times we see how impactful credit unions can be.”

Providing for needs beyond financial well-being

Since the shutdown started, FedChoice’s efforts have gone far beyond offering traditional financial services, recognizing that health encompasses more than just insurance coverage. It also includes food security, mental well-being and physical resilience, said Alexis Jones, founder and CEO of Transcend Clinical Services.

In early November, the credit union organized a food truck event at its headquarters, serving free meals to federal employees while also connecting them with mental health professionals from Transcend Clinical Services and certified financial planners.

The emotional and financial toll of a shutdown is significant. It’s critical for anyone affected to protect their well-being through resilience.

FedChoice offered three suggestions:

• Control the controllables: Focus on your routines, mindset and responses — what you can control, not what you can’t.
• Get outside and move your body: Stepping outside and moving can reset your nervous system and reduce anxiety.
• Be intentional about what you allow in: Protect your peace by choosing inputs that nourish your spirit over noise.

“You may not be able to control the storm, but you can always control how you care for yourself in it,” Jones said.

If you are a federal employee in need of support or want to explore the credit union difference, visit the FedChoice website, contact FedChoice by phone or stop by one of its local branches.

“Every day, we offer federal workers a fresh outlook on a brighter vision for tomorrow that supports their mind, body, wallet and health,” Noll said.

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