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Louisiana regulators assessing oil spill impact on CUs
BATON ROUGE, La. (7/19/10)--Louisiana regulators are preparing to conduct a formal survey of financial conditions impacting credit unions as a result of the British Petroleum (BP) oil spill, said the state’s top financial examiner, Sidney Seymour. “So far, the biggest concern we've been hearing is the domino effect from the moratorium [on off shore oil drilling],” said Seymour in detailing the watch-and-wait stance of the Louisiana Office of Financial Institutions in measuring the fallout on banks and credit unions, according to the Louisiana Credit Union league (eNews July 15). As with the aftermath of hurricanes Katrina, Rita and others and now with the BP spill, the agency joined with the National Credit Union Administration (NCUA) and the banking agencies to urge the regulated institutions to provide prudent financial assistance to customers and members impacted by the catastrophe, Seymour said. On Wednesday, NCUA joined with the Federal Reserve, the Federal Deposit Insurance Corp. and the Comptroller of the Currency in a statement stressing that financial institutions “are encouraged to work with their customers and consider measures to assist creditworthy borrowers affected by the Gulf oil spill. Such measures can help customers recover financially and be better positioned to honor their obligations.” The league is asking Louisiana credit unions to contact the league and notify it if a credit union and/or members are being affected by the disaster. The league said it has resources available to help credit unions such as compliance information, strategic planning and others.


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