ALEXANDRIA, Va. (Dec. 21, 2018) – The National Credit Union Administration will remain open and individual accounts will remain federally insured during the federal government shutdown.
The NCUA is an independent agency of the federal government, and its operating budget comes from fees charged to federal credit unions and transfers from the National Credit Union Share Insurance Fund. Credit union members’ accounts will continue to be insured by the Share Insurance Fund.
The government shutdown could affect credit unions, particularly those with federal employees in their memberships. As such, credit unions should plan to respond to members’ questions and consider other actions, such as:
Consistent with safety and soundness, credit unions may want to consider offering special programs to assist impacted members who need short-term loans, create loans with special terms and rates, or offer payment flexibility.
Credit unions should review NCUA’s Letter to Credit Unions, 11-CU-05, “Planning and Preparedness for a Potential Government Shutdown,” which provides guidance in the event of a government shutdown.
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