The National Credit Union Administration (NCUA) announced it will continue operations and maintain insurance coverage for individual accounts during the partial federal government shutdown. The agency confirmed that credit union members’ accounts remain protected by the Share Insurance Fund, and member services will not be interrupted.
The NCUA’s budget is funded through fees charged to federal credit unions and transfers from the National Credit Union Share Insurance Fund. This ensures that credit union members’ deposits are federally insured even as some government functions are impacted by the shutdown.
According to the NCUA, “The partial government shutdown could affect credit unions, particularly those with federal employees in their memberships. As such, credit unions should plan to respond to members’ questions and consider other actions, such as:
Ensuring policies provide flexibility to respond to members’ financial needs.
Preparing for service interruptions if the shutdown affects access to credit union offices located on federal property.
Prudently working with affected members, including providing advances to individuals receiving direct deposits from the federal government.
Developing contingency plans with respect to participation in government programs that may be affected by the partial federal government shutdown.
Communicating response plans to members, staff and volunteers in a timely manner.”
Credit unions are encouraged by the NCUA to review existing guidance on managing potential disruptions caused by a government shutdown. The agency also suggests considering special assistance programs for impacted members who may need short-term loans or payment flexibility.
The NCUA was established by Congress in 1970 and is responsible for regulating, chartering, and supervising federal credit unions. It operates under congressional authority with support from the full faith and credit of the United States. The agency manages the Share Insurance Fund which insures deposits for more than 145 million account holders at all federal credit unions and most state-chartered ones.
As outlined on its official website, the NCUA oversees regulatory compliance, provides online tools for financial submissions, helps locate credit unions nationwide, supports cybersecurity efforts, charters new institutions, and releases performance reports. Its headquarters are located in Alexandria, Virginia.
For further information or media inquiries regarding ongoing operations during the partial shutdown, contact OEACmail@ncua.gov or call 703.518.6330.
