NCUA offers assistance to CUs affected by Puerto Rico earthquakes

In the wake of the recent earthquakes in Puerto Rico, NCUA will be ready to assist the seven federally insured credit unions there with maintaining or restoring operations, if necessary.

“We are closely monitoring the aftermath of the recent earthquakes affecting Puerto Rico,” NCUA Chairman Rodney E. Hood said. “The NCUA stands ready to assist credit unions with their operational needs, if necessary. Credit unions and members can find more information and resources on the NCUA’s website.”

The NCUA’s Office of Credit Union Resources and Expansion can provide urgent needs grants up to $7,500 to low-income credit unions that experience sudden costs to restore operations interrupted by the storm.

Members’ deposits remain protected by the National Credit Union Share Insurance Fund. Administered by the NCUA, the Share Insurance Fund insures individual accounts up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000. The Share Insurance Fund separately protects IRA and KEOGH retirement accounts up to $250,000. The Share Insurance Fund has the backing of the full faith and credit of the United States.

 

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