NCUA monitoring Hurricane Ida; encourages credit unions to prepare
NCUA is monitoring Hurricane Ida and advises credit unions and their members that the agency stands ready to assist federally insured credit unions in the areas potentially affected by the storm.
The National Oceanic and Atmospheric Administration’s National Hurricane Center (NHC) is predicting dangerous hurricane-force winds, storm surge, and heavy rainfall along the coasts of Texas, Mississippi, Louisiana, and Alabama beginning Sunday and into Monday.
Credit unions in these areas are encouraged to keep in contact with their examiners and to prepare for the storm. The NCUA will be ready to assist credit unions with maintaining or restoring operations, if necessary. The agency maintains a hurricane and disaster information page on its website with more material on preparedness, disaster recovery, and staying safe.
The NCUA’s Office of Credit Union Resources and Expansion can provide urgent needs grants of up to $7,500 to low-income credit unions that experience any sudden costs to restore operations because of the hurricane. Agency examiners can assist credit unions that wish to apply for those grants.