ALEXANDRIA, Va. (11/5/12)--As the East Coast slowly recovers from Hurricane Sandy, the National Credit Union Administration (NCUA) is doing its part to help credit unions in impacted areas restore normal operations.
"After major natural disasters, Americans come together and help each other," NCUA Chairman Debbie Matz said. "NCUA is doing its part to assist credit unions and their members in the wake of Hurricane Sandy. Our examiners along the East Coast are checking with their credit unions to provide support and assistance; our consumer experts are answering the many financial questions that members may have; and we're expediting consideration of credit union emergency grant applications. NCUA will continue to do what's needed to help," she added.
The NCUA this week activated its disaster relief policy and continues to monitor the status of more than 2,000 credit unions that may have been affected by the storm. The agency said the vast majority of federally insured credit unions are fully operational, but some are only able to operate on a part-time basis or are only offering certain services, such as ATMs. Others are operating out of temporary offices.
Electrical outages, communications difficulties, and facility damages are among the issues reported by credit unions. A list of credit unions impacted by the storm is available on the NCUA site.
The agency earlier this week also reminded low-income credit unions of the Urgent Needs Initiative, which provides grants of up to $7,500 to help restore operations and fix facilities damaged by natural disasters and other unexpected events. The NCUA on Oct. 31 received the first grant request following the storm. The request, which was approved on Nov. 1, will help New York University FCU, New York, N.Y., replace destroyed laptops and obtain secure Internet access.
Calls to the NCUA's consumer assistance hotline have increased in the storm's wake, as callers have asked about the operational status of specific credit union facilities, outages of credit union ATMs facilities, websites and phones, and the status of direct deposits.
The NCUA noted that credit union members seeking emergency assistance related to the hurricane may call (800) 755-1030 for assistance.
For the full NCUA release, use the resource link.