National Credit Union Administration says it will remain open and federal share insurance coverage continues during the US government shutdown

The National Credit Union Administration announced it will remain open during the federal government shutdown and that individual accounts will continue to be federally insured through the National Credit Union Share Insurance Fund. The agency noted its operating budget is funded through fees charged to federal credit unions and transfers from the Share Insurance Fund. It flagged potential impacts on credit unions, particularly those with federal employees in their memberships, and urged planning for member inquiries, possible service interruptions for offices on federal property, and continuity issues for participation in government programs. Suggested actions included ensuring policies allow flexibility for members’ financial needs, prudently working with affected members such as providing advances to individuals receiving direct deposits from the federal government, communicating response plans to members, staff and volunteers, and considering special short-term assistance programs consistent with safety and soundness. Credit unions were directed to review NCUA Letter to Credit Unions 11-CU-05, “Planning and Preparedness for a Potential Government Shutdown,” for additional guidance.