WOODBRIDGE, Va.-Should the U.S. actually fall off the much discussed "fiscal cliff," Belvoir FCU announced last week it was standing by at the bottom ready to help.

Debate over the effects going over that fiscal cliff, a combination of tax increases and spending cuts that are to automatically go into effect in January 2013 unless Congress and the Obama Administration can come to an agreement, continues, with Belvoir FCU saying in a statement that the "perception of this event is that the economy does not have the momentum to absorb this type of shock without going into a recession."

Should that actually occur, BFCU said it's ready to assist with an emergency loan, allowing members to borrow funds at a low rate for one year with a 60-day deferment. Belvoir Federal said it will also facilitate loan workouts and skip-a-pay options for members, as well as offer financial coaching.

Subscribe Now

Authoritative analysis and perspective for every segment of the credit union industry

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.