ALEXANDRIA, Va.—In the wake of flooding in some parts of Texas, NCUA issued a statement saying it is monitoring the situation closely and has resources available to help credit unions affected.
“NCUA examiners have been working to stay in contact with credit unions in the areas affected, determine their status, and offer assistance as needed,” the agency said in a statement. “Credit unions needing assistance should contact their regional offices.”
If for any reason a credit union members is worried about their deposits or insurance coverage, NCUA is directing them to find related 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.
Potential Relief
NCUA said that when necessary it will:
- 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
- Make loans to meet the liquidity needs of member credit unions through the Central Liquidity Facility.
Urgent Needs Grants
The agency further said that low-income-designated credit unions affected by emergencies can apply for Urgent Needs grant assistance to repair damage or restore services to members. Information about Urgent Needs Grants is available online.
