TYSONS, Va., Jan. 18, 2019 /PRNewswire/ -- PenFed Credit Union announced a donation of $25,000 to Coast Guard Mutual Assistance (CGMA) to support members of the Coast Guard family impacted by the lapse of federal appropriations. The donation will enable CMGA to offer more interest-free loans, grants and financial counseling.
CGMA, a Congressionally recognized 501(c)(3) charity, is offering stopgap funding to all Coast Guard military and civilian personnel who did not receive pay starting January 2019. Financial lapse assistance is available in the form of $1,000 loans for families and $750 for individuals.
"PenFed is honored to serve the brave men and women of the Coast Guard family working to protect our nation's safety," said James Schenck, President and CEO of PenFed Credit Union and CEO of PenFed Foundation. "PenFed is committed to serving those in the Armed Forces, Department of Defense, Department of Homeland Security, military associations, veterans and retirees, their families and all who support them."
PenFed is also offering direct relief for qualified members and potential members who are impacted by the lapse of federal appropriations. Furlough relief may include skipped payments on current loans, a 2% APR discount on new signature loans, and direct deposit assistance with a 0% APR advance on an overdraft line of credit up to $6,000 per person, per pay period.
"I have lived through past government shutdowns, and know first-hand the challenges it brings on those employed," said Cari Thomas, Rear Admiral, U.S. Coast Guard (retired), CEO of Coast Guard Mutual Assistance. "It is tough when the Coast Guard is unable to repay the sacrifices being made day in and day out. It not only impacts those who serve, but their families. Coast Guard Mutual Assistance is grateful for PenFed's support for the members of our Coast Guard family who work hard every day to serve the public."
Since 1924, CGMA has provided over $190 million in financial assistance and in recent years supported over $30.6 million in interest-free loans, almost $500,000 in personal grants and over $2.3 million in supplemental education grants and education loan fee reimbursements.
PenFed has supported its members through the past 21 government shutdowns since 1976.
"PenFed understands the hardship furloughed employees are facing when they don't receive the paycheck they rely on to pay their mortgages, buy groceries and support their families," said Schenck. "We are committed to working with our members to minimize financial impact and ensure their financial security."
To receive any advertised product, you must become a member of PenFed Credit Union.
About PenFed Credit Union
Established in 1935, Pentagon Federal Credit Union (PenFed) is America's second-largest federal credit union, serving 1.7 million members worldwide with over $24 billion in assets. Our mission is to help members reach their financial potential. PenFed Credit Union offers market-leading certificates, checking, credit cards, personal loans, mortgages, auto loans, student loans, and a wide range of other financial services with members' interests always in mind. PenFed Credit Union is federally insured by the NCUA and is an Equal Housing Lender. To learn more about PenFed Credit Union, visit PenFed.org, like us on Facebook and follow us @PenFed on Twitter. Interested in working for PenFed? Check us out on LinkedIn. We are proud to be an Equal Employment Opportunity Employer.
SOURCE PenFed Credit Union