Deposits Remain Insured; Agency Monitoring Conditions to Ensure Access to Services
ALEXANDRIA, Va. (Aug. 1, 2023) – The National Credit Union Administration is working with federally insured credit unions affected by the recent severe storms and flooding in Vermont to help protect consumers and ensure continuity of services.
The NCUA is closely monitoring the situation to determine the operating status of credit unions in the flooded areas. Credit union members in these areas should contact their credit unions or check their websites for the latest information.
Member deposits at federally insured credit unions 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 also 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 insurance coverage can find information online, or they may contact NCUA’s Consumer Assistance Center at 800.755.1030, Monday through Friday, between 8 a.m. and 5 p.m. Eastern.
During natural disasters, NCUA works with state regulators and state league organizations to ensure federally insured credit unions are aware of and can utilize NCUA’s assistance. Under the agency’s disaster relief policy, the 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;
- 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. Any credit union needing NCUA assistance should contact its primary supervisory examiner.