NCUA Insures Deposits up to $250,000 and Encourages Prudent Planning
ALEXANDRIA, Va. (Aug. 24, 2012) — With Tropical Storm Isaac about to enter the Gulf of Mexico, the National Credit Union Administration (NCUA) is reminding credit unions and credit union members in the storm’s potential path to take steps to prepare.
“Credit unions operating and people living in the Gulf Coast region know they need to prepare for serious storms,” said NCUA Board Chairman Debbie Matz. “We’re reminding them today to take prudent precautions and that NCUA continues to protect deposits at federally insured credit unions during sunny days and after bad storms.”
NCUA is closely monitoring the storm’s progress and has already begun contacting credit unions in the Gulf Coast area about taking precautionary steps. NCUA also reminds consumers that deposits at federally insured credit unions are insured up to $250,000.
NCUA stands ready to activate the agency’s emergency response plan, if necessary. NCUA will take steps to assist credit unions in maintaining normal operations or, in the event of a disruption, to restore those services as quickly as possible.
The National Weather Service issues regular updates on Tropical Storm Isaac
, and the Federal Emergency Management Agency’s Ready.gov
para espanol) provide helpful information about how to prepare and stay safe, including steps to take to protect your finances.
NCUA is the independent federal agency created by
the U.S. Congress to regulate, charter and supervise
federal credit unions. With the backing of the full
faith and credit of the United States, NCUA operates
and manages the National Credit Union Share
Insurance Fund, insuring the deposits of more than
98 million account holders in all federal credit
unions and the overwhelming majority of
state-chartered credit unions. At
Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues.