Warnings posted on the Gulf of Mexico ahead of Tropical Storm Barry. (Source: Shutterstock)
The NCUA has advised credit unions to take precautions on Friday as Tropical Storm Barry barrels toward the Gulf Coast.
At least one credit union in the area, Neighbors Federal Credit Union, has announced it will close all its branches on Saturday, when weathercasters expect the storm to make landfall. The Baton Rouge, La.-based credit union has $921 million in assets and about 73,000 members.
"We are urging credit unions in the path of the storm to take steps to protect their staff and secure their operations," NCUA Board Chairman Rodney E. Hood said. "The NCUA will be closely monitoring Barry's progress, and we will be ready to assist credit unions with maintaining or restoring operations, if necessary. Credit unions and members can find information on staying safe from several online resources, and we encourage everyone to be alert for official announcements and media reports as the storm draws near."
The NCUA noted that its Office of Credit Union Resources and Expansion can provide grants of up to $7,500 to low-income credit unions that experience sudden costs to restore operations interrupted by the storm.
Credit unions and their members can also consult the following resources for help and information:
- NCUA hurricane and disaster information page;
- National Hurricane Center;
- and the NCUA Consumer Assistance Center: 800-755-1030 (M-F, 8 a.m. to 5 p.m. EDT)
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