NCUA headquarters, Washington, D.C. Credit/NCUA
The NCUA announced Tuesday that it is working with federally insured credit unions that were impacted by the severe flooding in Vermont last month to help protect members and the continuity of services.
Also on Tuesday, Vermont public safety officials confirmed a second flood-related death of a hiker last seen on July 9. The historic heavy rains began on July 9 and more than nine inches of rain fell across numerous communities in one day wiping out homes, roads and bridges.
FEMA has approved $8.5 million in individual grants to nine counties covered under the federal major disaster declaration. According to FEMA, the agency has more than 400 agents on the ground across the state.
According to Tuesday's statement from the NCUA, the agency "is closely monitoring the situation to determine the operating status of credit unions in the flooded areas. Credit union members in these areas should contact their credit unions or check their websites for the latest information."
According to the Association of Vermont Credit Unions, there are 21 credit unions headquartered in the state.
The NCUA said it is working with state regulators and league organizations to spread the word to federally insured credit unions to utilize the NCUA's help. According to the NCUA's disaster relief policy, the agency suggested the following:
- Encourage credit unions to make prudent loans with special terms and reduced documentation to affected members.
- Reschedule routine examinations of affected credit unions.
- 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.
The NCUA also said it wants officials at low-income-designated credit unions impacted by the flooding in Vermont to know their credit union "can apply for up to $7,500 in Urgent Needs grant assistance to repair damage or restore services to members."
Information about Urgent Needs Grants can be found here.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
