The NCUA is prepared to assist some 178 federally insured credit unions in areas of Texas and Louisiana affected by Hurricane Harvey, agency officials said Monday.
"We have been monitoring the situation constantly since last week, and NCUA staff are coordinating with other agencies and working continually to provide assistance to credit unions and their members," NCUA Board Chairman J. Mark McWatters said. "This has been a devastating storm affecting millions of people, and the effects will be felt for months or even years. The NCUA will be on the job as long as necessary."
"All of us were stunned by the power of this storm and moved by the suffering inflicted on the people in its path," NCUA Board Member Rick Metsger said. "As the area works to recover, our agency will work to help credit unions and their members get back on their feet."
President Trump has issued disaster declarations for areas in those two states and those declarations make federal assistance available.
Under the agency's disaster assistance policy, the NCUA may:
- Encourage credit unions to make loans with special terms and reduced documentation to members.
- Guarantee lines of credit for credit unions through the share insurance fund.
- Make loans to meet the liquidity needs of member credit unions through the Central Liquidity Facility.
- Reschedule routine examinations of credit unions.
During natural disasters, the NCUA works with state leagues and regulators to make certain that credit unions know about the agency's assistance.
Credit unions and members in Texas may contact the NCUA Region IV office in Austin at 512-342-5600 Monday through Friday between 7 a.m. and 5 p.m. Central.
Credit unions and members in Louisiana may contact the Region III office in Atlanta at 678-443-3000 Monday through Friday from 7 a.m. to 5 p.m. Eastern.
Federal credit unions may provide assistance to other credit unions and non-members in the affected area. They may provide services to members of other credit unions under their correspondent services authority. They may also provide emergency financial services for non-members, including check-cashing, access to ATM networks or other services to meet the short-term needs of people in the areas affected by the floods as part of their authority to engage in charitable activities.
If they do provide services on a charitable basis, the credit union may not impose charges for services that exceed their direct costs.
The NCUA Office of Small Credit Union Initiatives also may provide urgent need grants of up to $7,500 to low-income credit unions that have sudden costs related to restoring operations interrupted by the storms.
The agency said that credit union members with questions about their Share Insurance coverage may contact the NCUA's Consumer Assistance Center at 800-755-1030 Monday through Friday between 8 a.m. and 5 p.m. Eastern.
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