NCUA monitoring, assisting credit unions affected Texas flooding

As the state of Texas recovers from damage caused by severe storms, straight line winds and flooding, the NCUA is monitoring the situation closely and has resources to help credit unions affected. The Cornerstone Foundation also has resources available to assist affected credit union staff members and volunteers.

NCUA examiners have been working to stay in contact with credit unions in the areas affected, determine their status, and offer assistance as needed. Credit unions needing assistance should contact their regional offices.

The NCUA will, when necessary:

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

Low-income-designated credit unions affected by emergencies can apply for Urgent Needs grant assistance to repair damage or restore services to members. Information about Urgent Needs Grants is available online. Any credit union needing NCUA assistance should contact its primary supervisory examiner.