Agency Working to Ensure Access to Needed Financial Services for Members; Share Deposits Remain Protected up to $250,000
ALEXANDRIA, Va. (Jan. 5, 2016) – The National Credit Union Administration, the Missouri Division of Credit Unions and the Mississippi Department of Banking and Consumer Finance will work with federally insured credit unions affected by the recent severe storms and flooding in Missouri and Mississippi to help protect consumers and ensure the continuity of credit union services.
Federally insured credit unions in the affected areas are currently operating normally. Credit union members in these areas should contact their credit unions or check their credit union’s website for the latest information.
Member deposits at federally insured credit unions remain protected by the National Credit Union Share Insurance Fund. Administered by NCUA, the Share Insurance Fund insures individual accounts up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000. The Share Insurance Fund separately protects IRA and KEOGH retirement accounts up to $250,000. The Share Insurance Fund has the backing of the full faith and credit of the United States.
During natural disasters, NCUA works with state regulators and state league organizations to ensure all federally insured credit unions are aware of and can utilize NCUA’s available assistance. Under the agency’s disaster relief policy NCUA will, when necessary:
- Encourage credit unions to make prudent loans with special terms and reduced documentation to affected members;
- Reschedule routine examinations of affected credit unions, if necessary;
- Guarantee lines of credit for credit unions through the Share Insurance Fund; and
- Make loans to meet the liquidity needs of member credit unions through the Central Liquidity Facility.
Low-income designated credit unions affected by flooding can apply for up to $7,500 in Urgent Needs grant assistance to repair damage or restore services to members. Information about Urgent Needs Grants is available here.
Credit unions in need of NCUA assistance should contact their primary supervisory examiner.