ALEXANDRIA, Va. (Oct. 12, 2017) – The National Credit Union Administration is monitoring a series of wildfires in California and stands ready to provide assistance to federally insured credit unions in the affected areas, the agency announced today.
Currently there are 22 wildfires burning throughout the state and these fires continue to be a growing and persistent threat to homes and businesses. More than 170,000 acres have been burned and more than 3,500 homes and commercial structures have been destroyed already.
The NCUA is tracking these fires closely, and the agency will monitor the conditions of credit unions in their path. Credit unions are encouraged to keep in contact with their examiners, and the agency 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 material on preparedness, disaster recovery, and staying safe.
Credit union members with questions may contact the NCUA’s Consumer Assistance Center at 800-755-1030 Monday through Friday between 8 a.m. and 5 p.m. Eastern. The NCUA’s Office of Small Credit Union Initiatives can provide urgent needs grants (opens new window) of up to $7,500 to low-income credit unions that experience sudden costs to restore operations because of these fires. Agency examiners can assist credit unions that wish to apply for those grants.
Credit union member 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 (opens new window) page of the NCUA’s MyCreditUnion.gov (opens new window) website.