11/05/2012
NCUA Assisting Credit Unions’ Hurricane Sandy Recovery Efforts
“After major natural disasters, Americans come together and help each other,” NCUA Board Chairman Debbie Matz said. “NCUA is doing its part to assist credit unions and their members in the wake of Hurricane Sandy. Our examiners along the East Coast are checking with their credit unions to provide support and assistance; our consumer experts are answering the many financial questions that members may have; and we’re expediting consideration of credit union emergency grant applications. NCUA will continue to do what’s needed to help.”
Most Credit Unions Fully Operational
On Tuesday, NCUA activated its disaster relief policy. Since then, the agency has been carefully monitoring the status of more than 2,000 credit unions in the storm’s path. NCUA field staff has sought to contact all credit unions in states affected by Hurricane Sandy. Credit unions have reported problems like electrical outages, communications difficulties, and facility damages.
On Tuesday, NCUA activated its disaster relief policy. Since then, the agency has been carefully monitoring the status of more than 2,000 credit unions in the storm’s path. NCUA field staff has sought to contact all credit unions in states affected by Hurricane Sandy. Credit unions have reported problems like electrical outages, communications difficulties, and facility damages.
The vast majority of federally
insured credit unions are fully operational; however, some are closed,
and others are operating partially with branch closures, in temporary
facilities, or with only ATM services. Affected credit unions are
working to quickly restore normal operations.
A list of known credit unions affected by the storm is available on NCUA’s Hurricane Sandy Information webpage.
The list covers credit unions temporarily closed by the storm or in
non-operational status. NCUA will update this information as new data
becomes available.
Consumer Assistance Hotline Calls Increase
NCUA has also expanded the agency’s consumer assistance hotline to answer financial questions related to the emergency. NCUA is experiencing a higher-than-usual call volume as a result of the storm on the agency’s hotline. Hurricane Sandy-related questions have typically included inquiries about:
NCUA has also expanded the agency’s consumer assistance hotline to answer financial questions related to the emergency. NCUA is experiencing a higher-than-usual call volume as a result of the storm on the agency’s hotline. Hurricane Sandy-related questions have typically included inquiries about:
- the operational status of specific credit union facilities,
- outages of credit union ATMs facilities, websites and phones, and
- the status of direct deposits.
Credit union members needing
emergency assistance related to Hurricane Sandy may call NCUA’s
toll-free at (800) 755-1030 and press the appropriate option. Operators
answer calls Monday through Friday between 8 a.m. and 5 p.m. Eastern
time.
As always, member accounts at
federally insured credit unions remain fully protected. Administered by
NCUA, the National Credit Union Share Insurance Fund insures credit
union accounts up to $250,000.
First Urgent Needs Initiative Grant Approved
Through the Urgent Needs Initiative, NCUA provides grants to low-income credit unions (LICUs) to help restore operations and fix facilities after natural disasters and other unexpected adverse events. NCUA is committed to quickly reviewing grant requests.
Through the Urgent Needs Initiative, NCUA provides grants to low-income credit unions (LICUs) to help restore operations and fix facilities after natural disasters and other unexpected adverse events. NCUA is committed to quickly reviewing grant requests.
NCUA received the first Hurricane
Sandy-related request for a grant Oct. 31, and approved the application
Nov. 1. New York University Federal Credit Union will use the grant to
restore service to members by replacing destroyed laptop computers and
obtaining secure Internet access.
LICUs may apply for these emergency assistance grants, which run up to $7,500, at http://www.ncua.gov/Resources/CUs/Dev/Pages/Loans.aspx.