NCUA Offers Guidance on Emergency Financial Services for Disaster Victims in Wake of Hurricane

Thursday, September 01, 2011 11:12:00 AM

ALEXANDRIA, Va. - NCUA in a letter to credit unions (11-CU-13) provides guidance regarding the services federal credit unions may offer to those experiencing financial emergencies due to Hurricane Irene.

The letter states that in addition to providing services to their members, federal credit unions (FCUs) may provide emergency financial services to nonmembers as part of their authority to engage in charitable activities under their incidental powers. Under this authorities, NCUA says, "FCUs can and should provide an appropriate range of emergency financial services, including check cashing for nonmembers, access to their ATM networks, or other means to cash, to meet the short-term, emergency needs of persons who are in the areas affected by Hurricane Irene."

The agency goes on to explain that FCUs may provide services to members of other credit unions under their correspondent services authority, which allows FCUs to provide services to other credit unions that it is authorized to perform for its own members or as part of its operation.

To access the letter to credit unions, click here.

Assistance is also available to credit unions in need. Fully functioning credit unions; AMRCON, NJCUL's Preferred Partner, an IT consulting company; and the League are all available to provide assistance. Credit unions seeking assistance either from nearby credit unions, from AMRCON, or from the League can contact Angel Santos at 800-792- 8861 ext. 109 for more information.

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