NCUA Assisting Credit Unions in areas hit by Hurricane Milton
ALEXANDRIA, VA (October 14, 2024) — As Florida recovers from the destruction of Hurricane Milton, the National Credit Union Administration has resources available to help credit unions affected by the storm.
There are 77 federally chartered credit unions headquartered in the 51 counties that are under a Florida state of emergency. NCUA examiners have been working to stay in contact with those credit unions, determine their status, and offer assistance as needed.
The NCUA reminds credit union staff to keep in contact, if possible, with local authorities. Credit unions needing assistance should contact their regional offices.
NCUA Assistance for Credit Unions
When a disaster strikes, NCUA personnel operate under these three priorities:
- Ensure the safety of credit union staff.
- Keep facilities and operations available to members.
- Provide material and technical assistance, as needed, to affected credit unions.
The NCUA’s Office of Credit Union Resources and Expansion can provide Urgent Need grants up to $7,500 to low-income credit unions that experience sudden costs to restore operations interrupted by the storm. Urgent need grants cover expenses that are not reimbursable under insurance policies. Credit unions may apply for funds to repair or replace credit union office property, equipment, fixtures, and leasehold improvements. Grant funds may also be used to resume operations, such as reconstructing data or reestablishing network systems. Contact CURE with any questions about the urgent need grants process by email at CUREAPPS@ncua.gov or by telephone at 703.518.6610.
Credit Unions May Provide Help
Federal credit unions may provide assistance to other credit unions and non-members in the affected areas under certain conditions:
- They may provide services to members of other credit unions under their correspondent services authority.
- They may provide emergency financial services for non-members, including check cashing, access to ATM networks, or other services to meet short-term emergency needs of individuals in the areas affected by the floods, under the authority to engage in charitable activities.
If a credit union provides services on a charitable basis, they may not impose charges for services that exceed their direct costs.
Credit union members with questions may contact the NCUA’s Consumer Assistance Center at 800.755.1030, Monday through Friday between 8 a.m. and 5 p.m. Eastern.
About National Credit Union Administration (NCUA)
The NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, the NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 135 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. The NCUA also protects consumers and educates the public on consumer protection and financial literacy issues.
