When the government shut down last fall, Denys La Rosa, a retired sergeant first class as well as a civilian employee with the U.S. Army, faced a difficult choice. A single father of two, his monthly retirement check wasn’t enough to cover the mortgage and other expenses, so he lined up a temporary job as a substitute teacher to make it work. Then, Denys learned that Navy Federal was offering no-cost financial assistance for members affected by the shutdown. He applied immediately.
The program meant Denys didn’t miss a mortgage payment and that he could focus on supporting his daughters — one in college, one in high school — without facing financial uncertainty. The program “helped a lot,” he said. “If it weren’t available, it would have meant a lot of stress for me.”
Denys wasn’t alone. Navy Federal disbursed nearly 200,000 offers of assistance at no cost this fall, totaling more than $350 million, and offered the program again during recent partial government shutdowns. Unlike programs offered by other institutions, no credit check was required, so there was no impact on members’ credit history. Navy Federal also worked with members to help manage more than $2.5 billion in loan balances.
“We understand how unsettling a potential government shutdown can be for our members and their families,” said Matt Freeman, Navy Federal’s senior vice president of digital payments. “In these challenging times, it’s important our members know we are here to provide dependable support.”
