Agency outlines resources, assistance available to hurricane-affected CUs in Puerto Rico, USVI

The 13 federally insured credit unions in hurricane-ravaged Puerto Rico and the Virgin Islands have access to resources, including grants, the National Credit Union Administration (NCUA) said in a notice Tuesday.

The credit union agency noted that its 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.

Additionally, the agency said, under its disaster assistance policy in the wake of the disruption caused by Hurricane Maria, NCUA 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 agency also noted that federal credit unions, under certain conditions, may aid other credit unions and non-members in the affected areas under certain conditions, such as:

  • to members of other credit unions under their correspondent services authority;
  • 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 services are provided on a charitable basis, federal credit unions may not impose charges for services that exceed the credit unions’ direct costs.

NCUA Working to Monitor and Assist Credit Unions in Areas Hit by Hurricane Maria