Alexandria, VA (May 9, 2011)
– With severe flooding now threatening new areas of Missouri, Tennessee, North Dakota and Minnesota, National Credit Union Administration (NCUA) Board Chairman Debbie Matz activated the agency’s disaster relief policy to assist credit unions and their members in dealing with local recovery efforts in areas struck by severe storms, tornadoes, and flooding beginning April 19 and continuing.
Under the agency’s disaster assistance policy, NCUA will, where necessary:
• Encourage credit unions to make loans with special terms and reduced documentation to affected members;
• Reschedule routine examinations of affected credit unions if necessary;
• Guarantee lines of credit for credit unions through the National Credit Union Share Insurance Fund; and
• Make loans to meet the liquidity needs of member credit unions through the Central Liquidity Facility.
Please visit the NCUA website
to learn more.