ARLINGTON, Va.—With credit unions across the country facing significant natural disaster threats – from wildfires along the West Coast to multiple hurricanes along the Gulf Coast–NAFCU said it has updated its disaster resources webpage.
In addition to the operational resources, NAFCU has also made a donation to the Red Cross to support those affected by wildfires in California, Oregon, and Washington, the trade association said.
In NAFCU's newly updated Disaster Relief Support Guide, the association highlights considerations for opening fundraising accounts, including how to structure accounts, ensuring proper due diligence, and field of membership requirements. The guide also shares specific resources for credit union members, guidelines for federal credit unions to make charitable contributions and donations, and more.
Credit unions can also leverage NCUA resources on its Hurricane and Disaster Information page. The agency's Credit Union Resources and Expansion office can provide urgent need grants of up to $7,500 per year to low-income credit unions that experience sudden costs to restore operations interrupted by a disaster.
Resources Available
Among other resources available to credit unions and their communities:
- FEMA has general information about disasters and usually creates resources for specific federal disaster declarations.
- State governments frequently release resources to help consumers and credit unions, which are often found on the state's emergency management division's website.
- The Small Business Administration offers a Disaster Loan Program. The agency also sometimes issues short-term deferments for certain loan programs following a federal disaster declaration, NAFCU noted.
- The National Credit Union Foundation's CUAid relief system is often activated in response to a disaster. The program raises money for the Foundation's Disaster Relief Fund, which directly connects with area leagues to disburse funds through a grant program.