Markets Wired

ALEXANDRIA, Va. (Sept. 6, 2017) – Data on the financial performance of federally insured credit unions in the quarter ending June 30, 2017, are now available from the National Credit Union Administration.

NCUA makes detailed credit union system performance data available on its Credit Union and Call Report Data webpage, including Call Report quarterly summaries (opens new window) and financial performance reports. The agency’s Industry Data page includes a Financial Trends in Federally Insured Credit Unions package (opens new window) illustrating industry trends.

Selected Performance Indicators       

• Total assets in federally insured credit unions rose by $96 billion, or 7.7 percent, over the year to $1.35 trillion in the second quarter of 2017.
• Total loans outstanding increased $90 billion, or 10.9 percent, over the year to $913.0 billion. The average outstanding loan balance in the second quarter of 2017 was $14,613, up $665, or 4.8 percent, from one year earlier.
• The delinquency rate at federally insured credit unions was 75 basis points in the second quarter of 2017, unchanged from one year earlier. The net charge-off ratio was 57 basis points, up from 51 basis points in the second quarter of 2016.
• Insured shares and deposits rose $78 billion, or 7.8 percent, over the four quarters ending in the second quarter of 2017 to $1.1 trillion.
• The loans-to-shares ratio stood at 79.7 percent in the second quarter of 2017, up from 77.8 percent in the second quarter of 2016. 
• The credit union system’s net worth ratio was 10.80 percent in the second quarter of 2017, compared with 10.85 percent one year earlier. 
• Net income totaled $10.2 billion at an annual rate in the second quarter of 2017, up $0.65 billion, or 6.8 percent, from the same period a year ago.
• The net interest margin for federally insured credit unions was $38.7 billion in the second quarter of 2017, or 2.9 percent of average assets.
• The return on average assets for federally insured credit unions was 77 basis points over the year ending in the second quarter of 2017, unchanged from the second quarter of 2016. The median return on average assets across all federally insured credit unions was 36 basis points, up slightly from 35 basis points in the second quarter of 2016.
• The number of federally insured credit unions declined to 5,696 in the second quarter of 2017 from 5,887 in the second quarter of 2016. In the second quarter of 2017, there were 3,568 federal credit unions and 2,128 federally insured, state-chartered credit unions. The year-over-year decline is consistent with long-running industry consolidation trends.
• The number of credit unions with a low-income designation rose to 2,524 in the second quarter of 2017 from 2,426 one year earlier.
• Federally insured credit unions added 4.5 million members over the year, and credit union membership in these institutions reached 109.3 million in the second quarter of 2017.

Balance Sheet Details       

Assets

• Total assets in federally insured credit unions rose by $96 billion, or 7.7 percent, over the year to $1.35 trillion in the second quarter of 2017.
• Cash and equivalents (assets with maturity of three months or less) rose $3.1 billion, or 3.1 percent, to $104.5 billion.
• Total investments (instruments with maturities in excess of three months) increased nearly $3.0 billion, or 1.1 percent, to $274.8 billion.
  • Investments with maturities of less than one year rose $3.7 billion, or 5.0 percent, to $77.7 billion.
  • Investments with maturities of one to three years declined $13.5 billion, or 13.0 percent, to $90.2 billion.
  • Investments with maturities of three to five years increased $5.2 billion, or 7.9 percent, to $70.6 billion.
  • Investments with maturities of five to 10 years were up $7.0 billion, or 28.1 percent, to $31.9 billion.
  • Investments with maturities greater than 10 years rose $0.6 billion, or 15.1 percent, to $4.5 billion.
• Total loans outstanding increased $90 billion, or 10.9 percent, over the year to $913.0 billion. Credit union loan balances rose over the year in every major category, compared with the second quarter of 2016.
  • Real estate loans rose $39.8 billion, or 9.7 percent, over the year to $451.0 billion in the second quarter of 2017.
  • Auto loans increased $38.0 billion, or 13.6 percent. Used auto loans rose $20.5 billion, or 11.9 percent, to $193.5 billion. New auto loans rose $17.5 billion, or 16.3 percent, to $124.7 billion.
  • Net member business loan balances, including unfunded commitments, increased $10.8 billion, or 17.4 percent, to $72.5 billion in the second quarter.
  • Credit card balances rose $4.0 billion, or 8.2 percent, to $53.1 billion.
  • Non-federally guaranteed student loans rose $0.4 billion, or 12.1 percent, to $4.1 billion.
• The delinquency rate at federally insured credit unions was 75 basis points in the second quarter of 2017, unchanged from one year earlier. Loan performance was mixed across categories:
  • The delinquency rate on fixed real estate loans was 47 basis points in the second quarter, down from 55 basis points one year earlier.
  • The credit card delinquency rate was 108 basis points, up from 93 basis points in the second quarter of 2016.
  • For auto loans, the delinquency rate was 59 basis points in the second quarter of 2017 compared with 58 basis points one year earlier.
  • The delinquency rate for member business loans stood at 171 basis points, up from 150 basis points in the second quarter of 2016.
• The net charge-off ratio for all federally insured credit unions was 57 basis points in the second quarter of 2017, up from 51 basis points in the second quarter of 2016.  

Liabilities and New Worth

• Credit union shares and deposits rose by $86.6 billion, or 8.2 percent, over the year to $1.15 trillion in the second quarter of 2017. Regular shares rose $45.7 billion, or 12.2 percent, to $419.2 billion. Other deposits increased $29.5 billion, or 5.6 percent, to $560.5 billion, led by money market accounts, which rose $17.1 billion, or 7.1 percent, and share certificate accounts, which were up $9.3 billion, or 4.7 percent.
• The credit union system’s net worth increased by $9.7 billion, or 7.1 percent, over the year to $145.9 billion. The aggregate net worth ratio – net worth as a percentage of assets – stood at 10.80 percent in the second quarter of 2017 compared with 10.85 percent one year earlier.

Income Statement Details

• Net income for federally insured credit unions in the second quarter of 2017 totaled $10.2 billion at an annualized rate, up $0.6 billion, or 6.8 percent, from the second quarter of 2016. Interest income rose $4.1 billion, or 9.8 percent, over the year to $45.8 billion, and non-interest income increased $1.0 billion, or 5.8 percent, to $17.5 billion.
• Interest expense totaled $7.0 billion annualized in the second quarter of 2017, up $0.7 billion, or 11.6 percent, from one year earlier. Non-interest expenses grew $2.4 billion, or 6.4 percent, over the year to $40.4 billion in the second quarter. Rising labor expenses, which were up $1.4 billion, or 7.3 percent, accounted for more than half of the increase in non-interest expenses.
• The aggregate net interest margin widened $3.3 billion over the year, or 9.5 percent, to $38.7 billion at an annual rate in the second quarter of 2017.
• The credit union system’s provision for loan and lease losses rose $1.2 billion over the year, or 27.5 percent, to $5.7 billion at an annual rate in the second quarter of 2017.

Performance by Asset Category

Consistent with long-running trends, credit unions with assets of at least $1 billion reported the strongest growth in loans, membership and net worth over the year ending in the second quarter of 2017. Credit unions with less than $50 million in assets reported declines in loans, membership and net worth over the year.

• The number of federally insured credit unions with assets of at least $1 billion increased from 265 in the second quarter of 2016 to 282 in the second quarter of 2017. These 282 credit unions held $844.7 billion in assets, or 63 percent of total system assets. Credit unions in this category reported loan growth of 15.1 percent. Membership rose 9.8 percent. Net worth increased 11.7 percent.
• The number of federally insured credit unions with assets of at least $500 million but less than $1 billion increased from 229 in the second quarter of 2016 to 238 in the second quarter of 2017. These 238 credit unions held $167.9 billion in total assets, or 12.4 percent of total system assets. Credit unions in this category reported loan growth of 7.9 percent. Membership increased 1.8 percent. Net worth increased 3.7 percent.
• The number of federally insured credit unions with at least $100 million but less than $500 million in assets declined from 1,048 in the second quarter of 2016 to 1,046 in the second quarter of 2017. These 1,046 credit unions held $234.2 billion in total assets, or 17 percent of total system assets. Credit unions in this category reported loan growth of 2.7 percent. Membership declined 2.0 percent. Net worth was unchanged from the second quarter of 2016.
• The number of federally insured credit unions with at least $50 million but less than $100 million in assets increased from 721 in the second quarter of 2016 to 732 in the second quarter of 2017. These 732 credit unions held $52.2 billion in total assets, or 3.9 percent of total system assets. Credit unions in this category reported loan growth of 2.4 percent. Membership declined 1.5 percent. Net worth increased 0.5 percent.
• The number of federally insured credit unions with assets of at least $10 million but less than $50 million declined from 1,901 in the second quarter of 2016 to 1,813 in the second quarter of 2017. These credit unions held $45.1 billion in assets, or 3.0 percent of total system assets. Credit unions in this category reported a 4.5 percent decline in loans. Membership declined 7.7 percent. Net worth declined 5.5 percent.
• The number of federally insured credit unions with less than $10 million in assets declined from 1,723 in the second quarter of 2016 to 1,585 in the second quarter of 2017. These credit unions held $6.6 billion in assets, or less than 1.0 percent of total system assets. Credit unions in this category reported a 7.3 percent decline in loans. Membership fell 10.6 percent. Net worth declined 7.1 percent.

ALEXANDRIA, Va. (Sept. 7, 2017) – The National Credit Union Administration recognizes the serious threat Hurricane Irma poses to credit unions and their members. The agency remains ready to provide assistance to those impacted by the disaster.

As part of their disaster preparedness, the NCUA advises credit union staff to keep in contact with local authorities and to make sure they provide their examiners with emergency contact information. Credit unions needing assistance should contact their regional offices.

One of the most powerful storms in recorded history, Hurricane Irma on its current trajectory could make landfall in Florida early Sunday. Most credit unions in the storm’s path have closed or plan to close as the storm approaches.

NCUA Assistance for Credit Unions

When a disaster strikes, NCUA personnel operate under three priorities:

• Ensure the safety of credit union staff;
• Keep facilities and operations available to members; and
• Provide material and technical assistance, as needed, to affected credit unions.

President Donald J. Trump on Tuesday issued disaster declarations for the Virgin Islands, Puerto Rico, and Florida, which makes federal assistance available. Under the NCUA’s disaster assistance policy for those areas, the agency will, where necessary:

• Encourage credit unions to make loans with special terms and reduced documentation to affected members;
• Guarantee lines of credit for credit unions through the National Credit Union Share Insurance Fund;
• Make loans to meet the liquidity needs of member credit unions through the Central Liquidity Facility; and
• Reschedule routine examinations of affected credit unions.

NCUA examiners will remain in close contact with the affected local credit unions to offer assistance. The NCUA’s Office of Small Credit Union Initiatives 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.

Credit Unions May Provide Help

Federal credit unions may provide assistance to other credit unions and non-members in the affected areas under certain conditions:

• They may provide services to members of other credit unions under their correspondent services authority;
• They may provide emergency financial services for non-members, including check cashing, access to ATM networks, or other services to meet short-term emergency needs of individuals in the areas affected by the floods, under the authority to engage in charitable activities; and
• If they provide services on a charitable basis, they may not impose charges for services that exceed their direct costs.

Credit union members in areas hit by Hurricane Irma who need assistance should contact the NCUA’s Consumer Assistance Center at 800.755.1030 Monday through Friday between 8 a.m. and 5 p.m. Eastern.

ALEXANDRIA, Va. (Sept. 8, 2017) – The number of federally insured credit unions subject to civil monetary penalties for filing late Call Reports in the first quarter of 2017 was lower than recent trends, the National Credit Union Administration announced today.

Twelve credit unions consented to penalties totaling $2,853, the agency said. A list of credit unions filing late in the first quarter of 2017 and agreeing to pay civil monetary penalties is available online here (opens new window). In the first quarter of 2016, 30 credit unions agreed to penalties.

Individual penalties for the first quarter ranged from $74 to $382. The median penalty was $229. The Federal Credit Union Act requires the NCUA to send any funds received through civil monetary penalties to the U.S. Treasury.

The assessment of penalties primarily rests on three factors: the credit union’s asset size, its recent Call Report filing history, and the length of the filing delay.

Of the 12 credit unions agreeing to pay penalties for the first quarter, 11 had assets of less than $10 million, and one had assets between $10 million and $50 million. No credit unions with assets of more than $50 million filed late Call Reports.

Six of the late-filing credit unions had been late in a previous quarter.

A total of 27 credit unions filed Call Reports late for the first quarter of 2017. The NCUA consulted regional offices and, when appropriate, state supervisory authorities to review each case. That review determined there were mitigating circumstances in six cases that led to credit unions not being penalized. Another nine credit unions received a requested waiver.

NCUA informed the remaining credit unions of the penalties they faced and advised them they could reduce their penalties by signing a consent agreement. NCUA also said it would initiate administrative hearings against credit unions that did not consent.

NCUA sends reminder messages about Call Report filing deadlines that include information on how to receive technical support to handle filing problems. The agency also has created an automated reminder email system that contacts credit unions that have not filed their Call Reports and confirms successful filing. The agency also has produced a video (opens new window) describing how to file Call Reports.

Draft Budget Available Week of Oct. 2; Deadline for Comments Oct. 27

ALEXANDRIA, Va. (Sept. 12, 2017) – The National Credit Union Administration will hold a public briefing on its proposed 2018–2019 budget on Wednesday, Oct. 18, from 2 p.m. to 4 p.m. Eastern in the agency’s boardroom in Alexandria, Virginia.

“We continue our commitment to budget transparency.” NCUA Board Chairman J. Mark McWatters said. “The NCUA needs to be accountable to credit unions for the use of their money, and this public briefing is a key component to how we fulfill our commitment. While final budget decisions remain with the Board, we look forward to hearing constructive comments from stakeholders. The NCUA intends to continue its prudent stewardship of its finances, but suggestions for ways to make improvements will always be considered.”

The agency plans to release its draft 2018-2019 budget during the week of Oct. 2 to give interested parties ample time to review the document prior to the briefing.

Anyone wishing to provide the NCUA with written comments for the record to the proposed 2018–2019 budget will have until Friday, Oct. 27, at 5 p.m. Eastern to submit those to the agency. When the agency releases details of the proposed budget in October, it also will provide the briefing agenda as well as contact information for requesting attendance and submitting comments.

People who wish to present comments at the Oct. 18 budget briefing must submit a request to the agency, accompanied by their written remarks, by Oct. 13 at 5 p.m. Eastern. The agency will work to accommodate attendance requests but cannot guarantee all those making requests will be able to present.

The NCUA will provide a livestream broadcast of the proceedings through its website for those unable to attend in person.

ALEXANDRIA, Va. (Sept. 14, 2017) – Federally insured credit unions across the country saw continued improvement in nearly every category during the second quarter of 2017, according to state-level data compiled by the National Credit Union Administration and released today.

Nationally, median loan growth in federally insured credit unions was 4.4 percent during the year ending in the second quarter. Median asset growth was 3.9 percent; the median rate of growth in deposits and shares was 4.1 percent; and the median loans-to-shares ratio was 63 percent.

The NCUA Quarterly U.S. Map Review, available online here, tracks performance indicators for federally insured credit unions in all 50 states and the District of Columbia. The review also includes information on two important state-level economic indicators: unemployment rates and home price changes.

All States Report Positive Loan Growth in Second Quarter

Nationally, median growth in loans outstanding was 4.4 percent over the year ending in the second quarter of 2017, compared to a 4.3 percent growth rate a year before. The highest median growth rates for loans were in Nevada (13.4 percent), followed by Washington (10.1 percent). Median loan growth was lowest in Connecticut and New Jersey (both 0.9 percent), followed by Pennsylvania (2.1 percent).

Idaho, Oregon Report Highest Median Asset Growth Rates

Median asset growth was 3.9 percent nationally in the year ending in the second quarter of 2017, up from 3.2 percent the year before. Median asset growth was fastest in Idaho (9.0 percent), followed by Oregon (8.3 percent). Median asset growth was lowest in the District of Columbia (0.1 percent), followed by Arkansas (1.0 percent).

Shares and Deposits Growth Continues in Every State

At the median, shares and deposits rose in every state over the year ending in the second quarter.

Nationally, the median growth rate in shares and deposits was 4.1 percent, up from 3.3 percent a year earlier.

The median growth rate in shares and deposits was highest in Idaho (9.8 percent) and Oregon (9.1 percent). The median growth rate in shares and deposits was lowest in the District of Columbia (1.1 percent), followed by Arkansas and New Jersey (both 1.3 percent).

80 Percent of Credit Unions Report Positive Net Income

Nationally, 80 percent of federally insured credit unions had positive net income during the first half of 2017, up slightly from 79 percent in the same period in 2016.

At least 57 percent of credit unions in every state had positive net income during the first half of 2017. The share of federally insured credit unions with positive net income was highest in Nevada (100 percent), followed by Oregon (97 percent). The share of federally insured credit unions with positive net income was lowest in the District of Columbia (57 percent) and Arkansas (67 percent).

Median Returns on Average Assets Highest in Nevada, South Carolina

Nationally, the median annualized return on average assets at federally insured credit unions was 36 basis points during the first half of 2017, compared to 35 basis points during the first half of 2016. Nevada (83 basis points) had the highest median annualized return on average assets during the first half of 2017, followed by South Carolina (63 basis points). The District of Columbia (14 basis points) reported the lowest median return on average assets, followed by New Jersey (20 basis points).

Alaska, Idaho Report Highest Median Loans-to-Shares Ratio

Nationally, the median ratio of loans outstanding to total shares and deposits was 63 percent at the end of the second quarter of 2017, compared to 62 percent at the end of the second quarter of 2016. The median loans-to-shares ratio was highest among credit unions in Alaska (88 percent) and Idaho (87 percent). The median loans-to-shares ratio was lowest in Delaware (45 percent) and Hawaii (48 percent).

Median Total Delinquency Rate 69 Basis Points in Q2 2017

The median total delinquency rate among federally insured credit unions was 69 basis points at the end of the second quarter of 2017, compared to 70 basis points in the same period in 2016. At the end of the second quarter of 2017, the median delinquency rate was lowest in Oregon (32 basis points), followed by New Hampshire (33 basis points). The median delinquency rate was highest in New Jersey (155 basis points), followed by Mississippi (133 basis points).

Larger Credit Unions Continue to Lead Membership Growth

Overall, growth in credit union membership continued during the year ending in the second quarter of 2017, though at the median, membership declined 0.1 percent. Membership was unchanged at the median over the previous year.

Overall, 50.3 percent of federally insured credit unions had fewer members at the end of the second quarter of 2017 than a year earlier. Median membership growth was negative in 23 states. About 75 percent of credit unions with declining membership had assets of less than $50 million.

Washington (2.7 percent) had the highest median membership growth rate over the year ending in the second quarter of 2017, followed by Oregon and Alaska (both 2.4 percent). At the median, membership declined the most in Pennsylvania (-1.4 percent) and the District of Columbia (-1.3 percent).

New Credit Union Will Provide Affordable Financial Services to Support Members’ Clean Energy Needs

ALEXANDRIA, Va. (Sept. 18, 2017) – The National Credit Union Administration has granted a federal charter and Share Insurance Fund coverage to Clean Energy Federal Credit Union in Boulder, Colorado.

Clean Energy will serve the 4,300 members of the American Solar Energy Society. The new credit union’s primary mission will be meeting the financing needs of Society members. Using regular share and share certificate accounts, Clean Energy plans to provide consumer financing for the purchase and installation of solar panels and high-efficiency home energy improvements as well as the purchase of electric and hybrid vehicles.

Once the credit union’s operations can support additional services, Clean Energy plans to offer:

• Share drafts,
• ATM access,
• Individual Retirement Accounts,
• Home equity loans, and
• Mortgage loans for homes that are net-zero-energy, Energy-Star-certified, or have a low home energy use rating.

Founded in 1954, the American Solar Energy Society is a non-profit organization of renewable energy professionals, advocates, and enthusiasts. As the U.S. section of the International Solar Energy Society, the organization works with individuals and groups to accelerate the transition to a 100-percent renewable energy and sustainable living society.

ALEXANDRIA, Va. (Sept. 19, 2017) – Credit unions in the path of Hurricane Maria, currently a Category 5 storm, are being advised to take precautions as it approaches the Virgin Islands and Puerto Rico, the National Credit Union Administration said today.

Hurricane Maria is being called “extremely dangerous” by the National Hurricane Center. The storm currently has sustained winds of up to 160 miles per hour. It is expected to strike the Virgin Islands today and Puerto Rico by Wednesday.

The NCUA is watching Hurricane Maria closely, and the agency will monitor the conditions of credit unions in the storm’s path. The agency will be ready to assist credit unions with maintaining or restoring operations, if necessary. The agency maintains a
hurricane and disaster information page on its website with more material on preparedness and staying safe.

Credit union members with questions may contact the NCUA’s Consumer Assistance Center at 800.755.1030 Monday through Friday between 8 a.m. and 5 p.m. Eastern. The NCUA’s Office of Small Credit Union Initiatives 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.

The National Hurricane Center has a webpage
dedicated to information about Hurricane Maria (opens new window), and the Federal Department of Homeland Security has an information page on
being prepared for hurricanes (opens new window).

Credit union member deposits remain protected by the National Credit Union Share Insurance Fund. 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. Members with questions about their insurance coverage can find information online at the
Share Insurance Coverage (opens new window) page of the NCUA’s
MyCreditUnion.gov (opens new window) website.

ALEXANDRIA, Va. (Sept. 20, 2017) – The National Credit Union Administration Board has re-scheduled its September closed meeting.

The September closed meeting will be held Wednesday, Sept. 27, beginning at 4 p.m. Eastern.

The September open meeting will still be held Thursday, Sept. 28, beginning at 10 a.m. Eastern.

Both meetings were originally scheduled for Thursday, Sept. 28.

Meeting agendas are available on NCUA’s Board Meeting Calendar and Actions webpage. The September open Board meeting, like all NCUA open board meetings, will be available on livestream from the agency’s website.

ALEXANDRIA, Va. (Sept. 21, 2017) – Fifty-six federally insured credit unions will receive awards totaling $39.5 million from the Community Development Financial Institutions Fund, the National Credit Union Administration announced today.

Twenty-seven of the credit unions are first-time awardees. In 2016, 22 credit unions won awards. A list of all the awardees is available online from the CDFI Fund (opens new window).

This year, the CDFI Fund made awards with an emphasis on serving economically distressed areas, expanding opportunities in those areas, and collaboration with community partners.

More than 300 federally insured credit unions are certified as Community Development Financial Institutions.

The NCUA’s Office of Small Credit Union Initiatives has a dedicated webpage that provides comprehensive information for qualified credit unions that want to be certified as Community Development Financial Institutions. The webpage includes information on a streamlined application process OSCUI developed with the CDFI Fund.

The Office of Small Credit Union Initiatives fosters credit union development and the effective delivery of financial services for small credit unions, new credit unions, minority depository institutions and credit unions with a low-income designation.

ALEXANDRIA, Va. (Sept. 26, 2017) – As Puerto Rico and the Virgin Islands work to recover from the destruction of Hurricane Maria, the National Credit Union Administration has resources available to help credit unions affected by the storm.

There are eight federally chartered credit unions headquartered in Puerto Rico and five in the Virgin Islands. NCUA examiners have been working to stay in contact with those credit unions, determine their status, and offer assistance as-needed.

The NCUA reminds credit union staff to keep in contact, if possible, with local authorities. Credit unions needing assistance should contact their regional offices.

NCUA Assistance for Credit Unions

When a disaster strikes, NCUA personnel operate under three priorities:

• Ensure the safety of credit union staff;
• Keep facilities and operations available to members; and
• Provide material and technical assistance, as needed, to affected credit unions.

On Sept. 21, President Donald J. Trump issued disaster declarations for the Virgin Islands and Puerto Rico, and those declarations make federal assistance available. Under the NCUA’s disaster assistance policy for those areas, the agency will, where necessary:

• Encourage credit unions to make loans with special terms and reduced documentation to affected members;
• Guarantee lines of credit for credit unions through the National Credit Union Share Insurance Fund;
• Make loans to meet the liquidity needs of member credit unions through the Central Liquidity Facility; and
• Reschedule routine examinations of affected credit unions.

The NCUA’s Office of Small Credit Union Initiatives 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.

Credit Unions May Provide Help

Federal credit unions may provide assistance to other credit unions and non-members in the affected areas under certain conditions:

• They may provide services to members of other credit unions under their correspondent services authority;
• They may provide emergency financial services for non-members, including check cashing, access to ATM networks, or other services to meet short-term emergency needs of individuals in the areas affected by the floods, under the authority to engage in charitable activities; and
• If they provide services on a charitable basis, they may not impose charges for services that exceed their direct costs.

Credit union members in areas hit by Hurricane Maria who need assistance should contact the NCUA’s Consumer Assistance Center at 800.755.1030 Monday through Friday between 8 a.m. and 5 p.m. Eastern. Members also can contact the Center through its webpage (opens new window).