If Congress fails to pass spending bills before October 1, it could trigger a lapse in funding for non-essential government services. Those services would cease to function until bills are passed. This is commonly referred to as a “government shutdown.”
No LAPFCU Service Interruptions
There will be no interruption in LAPFCU services. You will still have full access to your accounts and funds online, in branches, and at ATMs. Branches will remain open during regular business hours, with phone support and online services available 24/7.
Your Money is Safe and Sound
- LAPFCU has over $1.4 billion in assets and has been in business since 1936.
- LAPFCU exceeds the National Credit Union Administration’s definition of a well-capitalized credit union. We have more-than-adequate liquidity.
- All deposit accounts are insured up to $250,000 per account by the NCUA. Accounts are also privately insured by American Share Insurance for an additional $250,000.
Will Social Security Payments be Impacted?
Social security payments would not be impacted.
What Will be Affected?
- Federal government workers and contractors could face payment delays or furloughs
- Availability of Small Business Administration loans and grants
- Section 8 housing and veteran assistance
- Student loan services
- Federal food and childcare benefits
- Flight travel
- National parks, museums, and zoos
- Availability for economic data for gross domestic product, unemployment rates, and inflation
If you Need Assistance
If you are impacted by a government shutdown, LAPFCU may be able to assist you with:
- Loans and lines of credit
- Refinancing and debt consolidation
- Loan and credit card payment deferrals
- Investment services for questions and concerns about retirement and financial planning
- Free financial counseling including help with budgeting and debt plans
Have a Strong Emergency Savings Plan
This is a good time to create or review your emergency savings strategy. LAPFCU can provide expert guidance to help you choose your best options. Call us at (877) 695-2732 for assistance.