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.”
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.
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.
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.