NCUA Monitoring and Assisting Credit Unions Affected by Wildfires in Los Angeles

ALEXANDRIA, Va. (Jan. 10, 2025) - As wildfires continue in the Greater Los Angeles area, the National Credit Union Administration is monitoring the situation closely and has resources available to help affected credit unions. The NCUA reminds credit unions to keep in contact, if possible, with local authorities.

NCUA examiners have been working to stay in contact with credit unions in the Greater Los Angeles area and offer assistance as needed. The NCUA is also coordinating with the California state regulator and state league organizations to assist affected federally insured credit unions. Credit unions needing assistance from the NCUA should contact their examiner or the NCUA's Western Region at [email protected] or 602.302.6000.

The NCUA encourages credit unions to work to meet the financial services needs of their impacted members. This includes working constructively with affected borrowers and making prudent loans with special terms and reduced documentation. Such prudent actions will not be subject to examiner criticism.

The NCUA will, when necessary:

• Reschedule routine examinations of affected credit unions;
• Work with affected institutions that experience problems fulfilling their reporting and publishing responsibilities, taking into account each institution's particular circumstances;
• Guarantee lines of credit for credit unions through the Share Insurance Fund;
• Make loans to meet the liquidity needs of member credit unions through the Central Liquidity Facility; and
• Provide qualifying low-income-designated credit unions affected by the wildfires that apply for an Urgent Needs grant up to $7,500 in financial assistance. Information about how to apply for an Urgent Needs Grant is available online.

Member deposits at federally insured credit unions 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 also 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.

Credit union members with questions about insurance coverage can find information on NCUA's consumer website, MyCreditUnion.gov, or they may contact NCUA's Consumer Assistance Center at 800.755.1030, Monday through Friday, between 8 a.m. and 5 p.m. Eastern.