Credit unions urged to take precautions as ‘Maria’ approaches

Saying that it will be ready to assist credit unions with maintaining or restoring operations if necessary, the National Credit Union Administration (NCUA) Tuesday urged its supervised institutions in the path of Hurricane Maria to take precautions.

The storm was approaching the Virgin Islands and Puerto Rico, the agency noted, pointing out the cyclone has been called “extremely dangerous” with 160 mph winds. It was expected to strike the U.S. territories Tuesday and Wednesday respectively, NCUA said.

In a release, the agency said it was watching the hurricane closely, and the agency will monitor the conditions of credit unions in the storm’s path. NCUA pointed out it maintains a hurricane and disaster information page on its website; the page includes material on preparedness and staying safe, the agency said.

“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 agency said. “The NCUA’s Office of Small Credit Union Initiatives can provide urgent needs grants of up to $7,500 to low-income credit unions that experience sudden costs to restore operations interrupted by the storm.”

NCUA Warning Credit Unions of Hurricane Maria’s Approach