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Agency Working to Ensure Access to Needed Financial Services for Members; Share Deposits Remain Protected by Share Insurance Fund
ALEXANDRIA, Va. (June 27, 2016) – The National Credit Union Administration will work with federally insured credit unions that may have been affected by the recent severe flooding in West Virginia to help protect consumers and ensure the continuity of credit union services.
NCUA has not received reports of damage to any federally insured credit union. Credit union members in these areas should contact their credit unions or check their credit unions’ websites 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.
Credit union members with questions about their insurance can find information online here (opens new window), or they may contact NCUA’s Consumer Assistance Center at 800.755.1030 between 8 a.m. and 5 p.m. Eastern.
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 online here (opens new window). Credit unions in need of NCUA assistance should contact their primary supervisory examiner.