ALEXANDRIA, Va. (Aug. 27, 2021) – The National Credit Union Administration is monitoring Hurricane Ida as it moves into the Gulf of Mexico and advises credit unions and their members that the agency stands ready to assist federally insured credit unions in the areas potentially affected by the storm.
The National Oceanic and Atmospheric Administration’s National Hurricane Center (NHC) expects the hurricane to increase in intensity as it moves to the north towards the states of Mississippi and Louisiana. The NHC is also predicting dangerous hurricane-force winds, storm surge, and heavy rainfall along the coasts of Texas, Mississippi, Louisiana, and Alabama beginning Sunday and into Monday.
Credit unions in these areas are encouraged to keep in contact with their examiners and to prepare for the storm. The 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 material on preparedness, disaster recovery, and staying safe.
The NCUA’s Office of Credit Union Resources and Expansion can provide urgent needs grants (opens new window) of up to $7,500 to low-income credit unions that experience any sudden costs to restore operations because of the hurricane. 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.
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.