Markets Wired

ALEXANDRIA, Va. (Aug. 26, 2020) – Credit unions in the path of Hurricane Laura are advised to take precautions as the storm intensifies in the Gulf of Mexico, the National Credit Union Administration said today.

“Credit unions in Hurricane Laura’s path should to take measures to protect their staff and secure their operations,” NCUA Chairman Rodney E. Hood said. “The NCUA will be closely monitoring the storm’s progress, and we stand ready to assist credit unions with maintaining or restoring operations, if necessary. Credit unions and members can find information on staying safe from several online resources, and we encourage everyone to be alert for official announcements and media reports as the hurricane draws near.”

Hurricane Laura’s current projected path could have it making landfall along the Gulf Coasts of Texas and Louisiana as early as Wednesday evening.

The NCUA maintains a hurricane and disaster information page on its website as well as on MyCreditUnion.gov (opens new window). The National Hurricane Center (opens new window) has regular updates on the storm as it approaches landfall, and the Department of Homeland Security (opens new window) has additional information on being prepared for hurricanes.

Credit union member deposits remain protected by the National Credit Union Share Insurance Fund (opens new window). Administered by the 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.

Credit union members with questions may contact the NCUA’s Consumer Assistance Center (opens new window) at 800.755.1030, Monday through Friday between 8 a.m. and 5 p.m. Eastern. The NCUA’s Office of Credit Union Resources and Expansion can provide urgent needs grants (opens new window) of up to $7,500 to low-income credit unions that experience sudden costs to restore operations interrupted by the storm.