NCUA Closely Monitoring Storm’s Progress; Landfall Expected Early Friday
ALEXANDRIA, Va. (Sept. 1, 2016) – Credit unions in Florida and parts of the Eastern Seaboard should take steps to prepare for the arrival of Tropical Storm Hermine early Friday morning, the National Credit Union Administration said today.
“We are reminding credit unions and their members to take the necessary precautions to stay safe,” NCUA Board Chairman Rick Metsger said. “Even if the storm loses strength, areas in its path should be ready for heavy rains, high winds and flooding. If they haven’t already, credit unions should review their disaster plans and be prepared for increased needs for member services if members need to make extra purchases or if homes and businesses are damaged. Members should take steps in case public services and transportation are disrupted, including having cash on hand if their communities lose power and credit union branches and ATMs become unavailable.”
Tropical Storm Hermine is currently in the Gulf of Mexico. Landfall is expected on Florida’s upper Gulf Coast around 1 a.m. Friday. The primary threats are strong winds, heavy rains and hail, along with possible tornadoes. Storm surges from one to three feet are possible. The current path of the storm will take it across Florida and Georgia and along the Eastern Seaboard over the next several days.
NCUA is watching the storm closely, and the agency will monitor the conditions of credit unions in Hermine’s path. NCUA will be ready to assist credit unions with maintaining or restoring operations, if necessary. The agency maintains a Hurricane and Disaster Information page on its website with more information on preparedness and staying safe.
Credit union members with questions may contact NCUA’s Consumer Assistance Center at 800-755-1030 Monday through Friday between 8 a.m. and 5 p.m. Eastern. NCUA’s Office of Small Credit Union Initiatives can provide urgent needs grants of up to $7,500 to low-income credit unions that experience sudden costs to restore operations interrupted by the storm.
The National Weather Service has an information page on Hermine (opens new window), and the Federal Emergency Management Agency has an information page on being prepared for hurricanes (opens new window).
Credit union member deposits remain 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.