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CU disaster assistance activated for tornado areas
ALEXANDRIA, Va. and Madison, Wis. (5/2/11)—In response to the devastation caused by deadly tornados last week, the National Credit Union Administration (NCUA) has activated its disaster relief policy and the National Credit Union Foundation (NCUF) has activated the online disaster relief system CUAid.coop. President Barack Obama has declared a major disaster exists in several southeastern states and he ordered federal aid to supplement state and local recovery efforts. The president’s actions make federal funding available for affected areas in Alabama, Georgia and Mississippi. Additional jurisdictions may receive designation after the completion of further assessments. (See relate4d story: CUs pick up the pieces in tornadoes' aftermath.) Under the NCUA disaster relief policy, the agency 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.
After natural disasters, the NCUA works with individual state league organizations and state regulators to ensure all federally insured credit unions know of NCUA’s available assistance, the agency said. The agency added that its examiners have remained in close contact with the affected local credit unions to offer advice and assistance. Credit unions and credit union members needing help in the southeast because of this week’s storms may contact NCUA’s Region III office in Atlanta at 678-443-3000 during normal business hours. (Use the resource link to see the NCUA’s entire statement.) Also announced over the weekend, the NCUF’s CUAid, which enables credit union employees, volunteers, and members, as well as credit unions and state credit union foundations across the country to contribute directly to support other credit union people, prepared to coordinate donations. The secure online tool links the entire credit union system to raise money for disaster relief; prior to the April tornados, the aid system most recently was used after the earthquakes in Haiti early last year. “We encourage credit union leaders all across the country to use CUAid.coop as a channel to collect donations from their employees, volunteers, and members,” said NCUF Executive Director Bucky Sebastian. Use the resource link below for donations.
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