Vermont credit unions being monitored by federal regulator in wake of storms, flooding

Credit unions in flooded areas of Vermont are receiving special attention from their federal regulator, the agency said Tuesday, to help protect consumers and ensure continuity of services.

The action from the National Credit Union Administration (NCUA), it said in a release, comes in the wake of recent severe storms and flooding in the Green Mountain state.

“The NCUA is closely monitoring the situation to determine the operating status of credit unions in the flooded areas,” the agency said. “Credit union members in these areas should contact their credit unions or check their websites for the latest information.”

The agency said under its disaster relief policy, it 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 National Credit Union Share Insurance Fund (NCUSIF); and
  • Make loans to meet the liquidity needs of member credit unions through its Central Liquidity Facility (CLF).

NCUA said low-income-designated credit unions affected by flooding can apply for up to $7,500 in “Urgent Needs” grant assistance to repair damage or restore services to members.

NCUA Working With Credit Unions in Flooded Areas of Vermont