ALEXANDRIA, Va.—NCUA is working with federally-insured credit unions in parts of Texas and Oklahoma that were hit by heavy flooding recently in order to help "protect consumers and ensure the continuity" of credit union services.
The agency said federally insured credit unions in the areas affected by the flooding are "currently operating normally," and that NCUA examiners "remain in contact" with the local credit unions. Earlier this week, Credit Union Journal reported a number of credit unions were shut down or cut back hours due to the storms.
Under the agency's disaster relief policy, NCUA said it will, if necessary: encourage credit unions to make prudent loans with special terms and reduced documentation to affected members; reschedule routine examinations of affected credit unions; guarantee lines of credit for credit unions through the Share Insurance Fund; and make loans to meet the liquidity needs of member credit unions through the Central Liquidity Facility.
In addition, low-income designated credit unions affected by flooding can apply for up to $7,500 in Urgent Needs grant assistance to "repair damage or restore services" to members.
Jon Gorman, a spokesman for the Cornerstone Credit Union League, which represents 600 credit unions across Arkansas, Oklahoma, and Texas, told Credit Union Journal that "we are starting to learn about [credit union] employees who have been affected [by the flooding], but no credit unions [have been affected] as of yet other than a few brief power and A/C outages."
Meanwhile, parts of Texas and Oklahoma, particularly the metropolis of Houston, continue to deal with the ravages of what some have called "unprecedented" flooding. According to local media reports, at least seven people have been killed (primarily from drowning) by rising waters in the Houston area, while thousands of structures have been damaged.
On Thursday morning, The National Weather Service issued a flash flood warning for wide parts of Texas covering the southern and central regions of the state until Friday morning.