The National Credit Union Administration (NCUA) will remain open and individual accounts will remain federally insured during the federal government shutdown.
The NCUA is an independent agency of the federal government, and its operating budget comes from fees charged to federal credit unions and transfers from the National Credit Union Share Insurance Fund. Credit union members’ accounts will continue to be insured by the Share Insurance Fund.
The government shutdown could affect credit unions, particularly those with federal employees in their memberships. As such, credit unions should plan to respond to members’ questions and consider other actions, such as:
Consistent with safety and soundness, credit unions may want to consider offering special programs to assist impacted members who need short-term loans, create loans with special terms and rates, or offer payment flexibility.
Credit unions should review NCUA’s Letter to Credit Unions, 11-CU-05, “Planning and Preparedness for a Potential Government Shutdown,” which provides guidance in the event of a government shutdown.
For more information, email Heather Line.
Your League-member benefits include the Compliance Hotline — providing exclusive access to dedicated compliance experts:
Using the above phone number and email address, you can gain access to a knowledgeable team that’s ready to address all your credit union’s compliance inquiries — promptly and efficiently. With the Compliance Hotline, you can proactively respond to impromptu questions and issues by getting clarity and insight on technical topics that normally slow you down. We want to help you unlock the full potential of your League membership by leveraging the resources and support you need to navigate the complex world of compliance effortlessly. We’re ALWAYS just a phone call or email away!
Additionally, other League-member compliance resources include:
For more information, email Lisa Quaranta.
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