National Credit Union Administration confirms deposit insurance and offers supervisory and liquidity relief for Greater Los Angeles wildfire-affected credit unions

The National Credit Union Administration announced it is monitoring the wildfires in the Greater Los Angeles area and has resources available to support affected federally insured credit unions, while reaffirming that member deposits remain protected by the National Credit Union Share Insurance Fund. NCUA examiners are working to stay in contact with impacted credit unions and the agency is coordinating with the California state regulator and state league organizations. The NCUA encouraged credit unions to meet members’ financial services needs by working constructively with affected borrowers and making prudent loans with special terms and reduced documentation, noting such actions will not be subject to examiner criticism. Where needed, the agency may reschedule routine examinations, take affected institutions’ circumstances into account for reporting and publishing responsibilities, guarantee lines of credit through the Share Insurance Fund, provide liquidity loans through the Central Liquidity Facility, and offer qualifying low-income-designated credit unions Urgent Needs grants of up to USD 7,500. It also restated insurance coverage limits of up to USD 250,000 for individual accounts, USD 250,000 for a member’s combined interest in joint accounts, and USD 250,000 for IRA and KEOGH retirement accounts, backed by the full faith and credit of the United States.