NCUA recognizes the serious threat Hurricane Irma poses to credit unions and their members, it announced Thursday, and remains ready to provide assistance to those impacted by the disaster. CUNA has been in touch with NCUA discussing supervisory needs that may arise as a result of the storm.
As part of disaster preparedness, the NCUA advises credit union staff to keep in contact with local authorities and to make sure they provide their examiners with emergency contact information. Credit unions needing assistance should contact their regional offices.
Hurricane Irma on its current trajectory could make landfall in Florida early Sunday. Most credit unions in the storm’s path have closed or plan to close as the storm approaches.
President Donald Trump issued disaster declarations Tuesday for the Virgin Islands, Puerto Rico, and Florida, which makes federal assistance available.
Under the NCUA’s disaster assistance policy for those areas, the agency will, where necessary:
NCUA examiners will remain in close contact with the affected local credit unions to offer assistance.
The NCUA’s Office of Small Credit Union Initiatives can provide urgent needs grants of up to $7,500 to low-income credit unions that experience sudden costs to restore operations interrupted by the storm.
Federal credit unions may provide assistance to other credit unions and non-members in the affected areas under certain conditions:
Credit union members in areas hit by Hurricane Irma who need assistance should contact the NCUA’s Consumer Assistance Center at 800-755-1030 Monday through Friday between 8 a.m. and 5 p.m. (ET).