NCUA 'Monitoring' CUs in Flooded Areas of Missouri, Mississippi

ALEXANDRIA, Va. – NCUA on Tuesday said it is partnering with the Missouri Division of Credit Unions and the Mississippi Department of Banking and Consumer Finance to work with federally insured credit unions affected by the recent severe storms and flooding in the two waterlogged states.

According to regulators, as of Tuesday federally insured credit unions in the affected areas were "operating normally." Credit unions in need of NCUA assistance were directed to contact their primary supervisory examiner. Credit union members in the two states were directed to contact their credit unions or check their credit union's website for the latest information.

NCUA said during natural disasters 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.

The federal regulator reminded low-income designated credit unions if they are affected by flooding they 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 on a special page on NCUA's website.

Member deposits at federally insured credit unions remain protected by the National Credit Union Share Insurance Fund. Administered by NCUA, the Share Insurance Fund insures individual accounts up to $250,000, and a member's interest in all joint accounts combined is insured up to $250,000.

The Share Insurance Fund separately protects IRA and KEOGH retirement accounts up to $250,000. The Share Insurance Fund has the backing of the full faith and credit of the United States.