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NCUA Warning Credit Unions of Hurricane Maria’s Approach

September 2017
NCUA Warning Credit Unions of Hurricane Maria’s Approach

ALEXANDRIA, Va. (Sept. 19, 2017) – Credit unions in the path of Hurricane Maria, currently a Category 5 storm, are being advised to take precautions as it approaches the Virgin Islands and Puerto Rico, the National Credit Union Administration said today.

Hurricane Maria is being called “extremely dangerous” by the National Hurricane Center. The storm currently has sustained winds of up to 160 miles per hour. It is expected to strike the Virgin Islands today and Puerto Rico by Wednesday.

The NCUA is watching Hurricane Maria closely, and the agency will monitor the conditions of credit unions in the storm’s path. The agency will be ready to assist credit unions with maintaining or restoring operations, if necessary. The agency maintains a hurricane and disaster information page on its website with more material on preparedness and staying safe.

Credit union members with questions may contact the NCUA’s Consumer Assistance Center at 800.755.1030 Monday through Friday between 8 a.m. and 5 p.m. Eastern. The NCUA’s Office of Small Credit Union Initiatives can provide urgent needs grants of up to $7,500 to low-income credit unions that experience sudden costs to restore operations interrupted by the storm.

The National Hurricane Center has a webpage dedicated to information about Hurricane Maria, and the Federal Department of Homeland Security has an information page on being prepared for hurricanes.

Credit union member deposits remain protected by the National Credit Union Share Insurance Fund. Administered by the 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. Members with questions about their insurance coverage can find information online at the Share Insurance Coverage page of the NCUA’s website.

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