As wildfires continue to affect the Greater Los Angeles area, the National Credit Union Administration (NCUA) is actively monitoring the situation and offering resources to support impacted credit unions. The NCUA emphasizes the importance of maintaining communication with local authorities when possible.
NCUA examiners are working to stay in touch with credit unions in the affected region, providing assistance as required. Coordination efforts are also underway with California state regulators and league organizations to aid federally insured credit unions. Those needing help from the NCUA can reach out to their examiner or contact the Western Region office at WesternMail@ncua.gov or 602.302.6000.
The agency encourages credit unions to meet the financial service needs of their members by working constructively with affected borrowers and offering prudent loans with special terms and reduced documentation. Such actions will not be criticized by examiners.
When necessary, the NCUA will reschedule routine examinations of affected credit unions, work with institutions facing challenges in fulfilling reporting responsibilities, guarantee lines of credit through the Share Insurance Fund, provide loans for liquidity needs via the Central Liquidity Facility, and offer up to $7,500 in financial assistance through Urgent Needs grants for qualifying low-income-designated credit unions impacted by wildfires.
Member deposits at federally insured credit unions remain protected by the National Credit Union Share Insurance Fund. This fund insures individual accounts up to $250,000 and a member’s interest in all joint accounts combined is also insured up to $250,000. Additionally, IRA and KEOGH retirement accounts receive separate protection up to $250,000. The Share Insurance Fund is backed by the full faith and credit of the United States.
Credit union members seeking information about insurance coverage can visit MyCreditUnion.gov or contact NCUA’s Consumer Assistance Center at 800.755.1030 during business hours.
The NCUA serves as an independent federal agency established by Congress to regulate federal credit unions while managing the National Credit Union Share Insurance Fund. This ensures deposit protection for over 135 million account holders across federal and most state-chartered credit unions. The agency also focuses on consumer protection and financial literacy education.
For media inquiries, contact Joe Adamoli at JAdamoli@ncua.gov or 703.518.6572.
