As Texas recovers from recent severe storms and flooding, the National Credit Union Administration (NCUA) is actively monitoring the situation and providing support to affected credit unions. The NCUA has confirmed that federally insured credit union deposits remain protected by the National Credit Union Share Insurance Fund.
The NCUA examiners are maintaining contact with credit unions in impacted areas to assess their status and offer necessary assistance. Credit unions requiring help are advised to reach out to their regional offices.
“Member deposits at federally insured credit unions remain protected by the National Credit Union Share Insurance Fund,” states the NCUA. This fund insures individual accounts up to $250,000, as well as a member’s interest in all joint accounts combined up to $250,000. It also covers IRA and KEOGH retirement accounts separately up to $250,000, backed by the full faith and credit of the United States.
Credit union members with insurance coverage inquiries can find information online or contact NCUA’s Consumer Assistance Center at 800.755.1030 during business hours.
The NCUA is prepared to take several actions if needed: “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 facing emergencies can apply for Urgent Needs grant assistance for repairs or service restoration. Details about these grants are available online, and any needing assistance should contact their primary supervisory examiner.
Additionally, the NCUA will coordinate with state league organizations to ensure that federally insured credit unions are informed about available assistance options.
The NCUA is an independent federal agency established by Congress responsible for regulating, chartering, and supervising federal credit unions. It manages the National Credit Union Share Insurance Fund which insures deposits for over 135 million account holders across federal and most state-chartered credit unions while promoting consumer protection and financial literacy.
