Core Insights - The CEO of Affirm, Max Levchin, indicated that while there is no significant credit stress among federally employed borrowers due to the government shutdown, there are emerging changes in shopping habits among this group [1][2] - The ongoing federal funding lapse, which started on October 1, is the longest in U.S. history and has affected not only government employees but also programs like SNAP, which serves 42 million Americans [2] Group 1 - Affirm is observing a subtle decline in shopping interest among federal employees, with a noted change of a couple of basis points [1] - Approximately 670,000 federal employees have been furloughed, and around 730,000 are working without pay due to the shutdown [1] - The company is monitoring employment data for potential disruptions but currently reports no major disturbances in its operations [2] Group 2 - Affirm has the capability to adjust its credit standards if necessary, indicating a proactive approach to potential economic changes [2] - The impact of the federal funding lapse extends beyond government employees, affecting various sectors and programs [2]