July 15, 2019

Resources available for CUs affected by Tropical Storm Barry

As Tropical Storm Barry hits the Gulf Coast, the NCUA urged credit unions in its path to be safe and take precautions. There are a number of resources available to credit unions and consumers affected by natural disasters; NAFCU stands ready to help credit unions in need of assistance as they and their members recover from the storm.

These resources can also be used by credit unions that were impacted by recent earthquakes in California and Washington state.

NAFCU has prepared specific resources and information for credit unions affected by disasters – including a guide for credit unions to support disaster relief.

The NCUA also has resources available on its Hurricane and Disaster Information page. The agency's Credit Union Resources and Expansion office can provide urgent need grants of up to $7,500 per year to low-income credit unions that experience sudden costs to restore operations interrupted by a disaster.

The CFPB has available a financial management guide to help those consumers preparing for, recovering from or rebuilding after a natural disaster.

Among other resources available to credit unions and their communities:

  • FEMA has general information about disasters and usually creates resources for specific federal disaster declarations.
  • State governments frequently release resources to help consumers and credit unions, which are often found on the state's emergency management division's website. Information specific to credit unions is sometimes included on the state financial institutions' regulator website.
  • Credit unions that offer small business loans through the Small Business Administration may be interested in the administration's Disaster Loan Program. The agency also sometimes issues short-term deferments for certain loan programs following a federal disaster declaration.
  • The National Credit Union Foundation's CUAid relief system is sometimes activated in response to a disaster. The program raises money for the Foundation's Disaster Relief Fund, which directly connects with area leagues to disburse funds through a grant program.

NAFCU will continue to support its members to ensure all have access to needed resources in the aftermath of the tropical storm.