The National Credit Union Administration is monitoring the developing situation in West Virginia in light of recent intense flooding that has plagued the area during the past week, leaving 26 dead according to reports from the area. The agency is looking to make sure consumers are protected and credit union services in the area continue as needed.
For one West Virginia credit union, the extreme flash-floods hit the community hard; one of Charleston, W.Va.-based Pioneer West Virginia FCU's members did not make it through the disastrous storm. "This week, we're sure to learn of many tragic stories from other members who have lost their homes, cars, and personal treasures. Naturally, we'll be working with members one-on-one in any way we may to alleviate their hardships," said Dan McGowan, president/CEO of the $192 million institution.
The CEO noted that their branch network resumed services "without interruption" after the floods and had no physical impact on the credit union. According to a statement from the 17,000-member CU, Pioneer will be accepting donations to a benevolence fund to assist members with issues arising from the floods.
The Parkersburg, W.Va.-based West Virginia Credit Union League was not hit by the flash-flooding that occurred throughout the state. "Thus far, we are thankful for the good news we have received amidst a very grim situation for many state residents," WVCUL Senior Vice President Rich Schaffer said. "We have already received calls from in, and outside of West Virginia from those wanting to help, and for that, we are extremely grateful."
NCUA said it has not received any reports of damage to any federally insured credit union, which tallies with the league, which reported it had not been notified of any CU that has been negatively impacted from the storms, but the league added it was "still gathering feedback through various channels."
NCUA notes that during natural disasters such as the flood in W. VA, the agency's disaster relief policy is to:
- Encourage credit unions to make prudent loans with special terms and reduced documentation to affected members
- Reschedule routine examinations of affected CUs, If necessary
- Guarantee lines of credit for credit unions through the NCUSIF
- Make loans to meet the liquidity needs of member credit unions through the Central Liquidity Facility
- Provide low-income designated CUs with a $7,500 urgent needs grant assistance to restore services to members
