ALEXANDRIA, Va.—NCUA Monday said it is working with federally insured credit unions that may have been affected by the recent severe flooding in West Virginia.
NCUA said it has not received reports of damage to any federally insured credit union.
During natural disasters, NCUA said it 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.
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, NCUA stated. Information about Urgent Needs Grants is available online here. Credit unions in need of NCUA assistance should contact their primary supervisory examiner, NCUA said.