Agency Monitoring Situation; Grants to Low-Income Credit Unions Available
ALEXANDRIA, Va. (Oct. 5, 2015) – The National Credit Union Administration is closely monitoring conditions in South Carolina counties hit by flooding and is prepared to assist credit unions in those areas.
Regional agency staff are contacting credit unions in areas hit by the flooding to determine if they are open. The agency will be ready to assist credit unions to maintain or restore normal operations, if necessary. NCUA’s Office of Small Credit Union Initiatives can provide Urgent Needs grants up to $7,500 to low-income credit unions for unexpected costs related to restoring operations disrupted by the floods.
President Obama and South Carolina Gov. Nikki Haley have both issued disaster declarations for the affected areas.
NCUA maintains a Hurricane and Disaster Information page on the agency’s website to provide links to resources. Credit union members with questions may contact the agency’s Consumer Assistance Center at 800-755-1030 Monday through Friday between 8 a.m. and 5 p.m. Eastern.
Members’ accounts in federally insured credit unions are protected by the National Credit Union Share Insurance Fund. Administered by NCUA, the Share Insurance Fund insures individual accounts up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000. The Share Insurance Fund separately protects IRA and KEOGH retirement accounts up to $250,000. The Share Insurance Fund has the backing of the full faith and credit of the United States.
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 account holders in all federal credit unions and the overwhelming majority of
state-chartered credit unions. At MyCreditUnion.gov, NCUA also educates the public on consumer protection and financial literacy issues.