As Hurricane Irma moves closer to Florida, the NCUA on Thursday reminded credit unions that the agency is prepared to provide emergency assistance to credit union members and others.
President Trump Thursday issued disaster declarations for the Virgin Island, Puerto Rico and Florida, which makes federal disaster assistance available. Under the NCUA’s disaster assistance policy, the agency will, where necessary:
- Urge credit unions to make loans with special terms and reduced documentation to affected members.
- Guarantee lines of credit for credit unions through the share insurance fund.
- Make loans to meet the liquidity needs of members credit unions through the Central Liquidity Facility.
- Reschedule routine credit union exams.
Under certain conditions, federal credit unions are permitted to provide assistance to other credit unions and non-members.
Using their correspondent services authority, federal credit unions may provide services to members of other credit unions.
In addition, they may provide emergency services for non-members, including check cashing, access to ATM networks or other services to meet the needs of people in areas affected by floods, as part of the authority to engage in charitable activities.
If they provide services on a charitable basis, they may not charge fees for services that exceed their direct costs.
The NCUA’s Office of Small Credit Union Initiatives may provide urgent needs grants of up to $7,500 to low-income credit unions that experience sudden costs in restoring operations.
NCUA examiners will remain in close contact with affected credit unions and the agency asked that credit unions make certain that examiners have emergency contact information.
Credit union members in areas hit by the hurricane and need assistance are advised to contact the NCUA’s Consumer Assistance Center at 800-755-1030 Monday through Friday between 8 a.m. and 5 p.m. Eastern.
