NCUA monitoring, assisting credit unions affected by Maui wildfires

NCUA is monitoring the situation closely and has resources available to help credit unions affected as Lahaina, Hawaii, works to recover from the destruction caused by wildfires. Examiners have been working to stay in contact with credit unions in Maui County, determine their status, and offer assistance as needed. 

NCUA reminds credit union staff to keep in contact, if possible, with local authorities. Credit unions needing assistance should contact their regional offices.

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;
• 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.

Low-income-designated credit unions affected by declared local, state, and national emergencies 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 is available online. Any credit union needing NCUA assistance should contact its primary supervisory examiner.

The NCUA will also coordinate with state Leagues to ensure federally insured credit unions are aware of and can utilize NCUA’s assistance.