ALEXANDRIA, Va. (Oct. 9, 2018) – The National Credit Union Administration is closely monitoring Hurricane Michael, and the agency has a hurricane information webpage with material on preparedness and recovery available for credit unions and members in the storm’s path.
The NCUA will be ready to assist credit unions with maintaining or restoring operations, if necessary. The NCUA’s Office of Credit Union Resources and Expansion can provide urgent needs grants up to $7,500 to low-income credit unions that experience sudden costs to restore operations interrupted by the storm.
Credit union members are encouraged to check their credit unions’ websites and social media sites for real-time information updates, including operating hours. Members may also contact the NCUA’s Consumer Assistance Center at 800-755-1030 Monday through Friday between 8 a.m. and 5 p.m. Eastern.
Members’ deposits remain protected by the National Credit Union Share Insurance Fund. Administered by the 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. Members with questions about their insurance coverage can find information online at the Share Insurance Coverage page of the NCUA’s MyCreditUnion.gov website.
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.