NCUA monitoring W.Va. flooding, ready to help FCUs

June 27, 2016

The NCUA stands ready to work with federal credit unions affected by the recent severe flooding in West Virginia, the agency announced Monday. According to the NCUA, it has not received reports of damage to any federally insured credit unions.

Low-income designated credit unions affected by flooding can apply for up to $7,500 in Urgent Needs grant assistance to repair damage or restore services to members. Credit unions in need of NCUA assistance should contact their primary supervisory examiner.

During natural disasters, NCUA works with state regulators and state league organizations to ensure all federally insured credit unions are aware of and can utilize NCUA’s available assistance.

Under the agency’s disaster relief policy NCUA will, when necessary:

  • Encourage credit unions to make prudent loans with special terms and reduced documentation to affected members;
  • Reschedule routine examinations of affected credit unions, if necessary;
  • Guarantee lines of credit for credit unions through the share insurance fund; and
  • Make loans to meet the liquidity needs of member credit unions through the Central Liquidity Facility.