WASHINGTON (5/22/13)--In the wake of this week's tornadoes, the National Credit Union Administration has activated its disaster relief policy to aid impacted credit unions and their members.
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; and
Guarantee lines of credit for credit unions through the National Credit Union Share Insurance Fund.
The NCUA also encouraged credit unions to exercise prudent efforts to alter terms on existing loans for affected members, including:
Extending the terms of loan repayments;
Restructuring a borrower's debt obligations; and
Easing credit terms for new loans to certain borrowers, consistent with prudent practices.
Institutions in need of assistance in dealing with members affected by this disaster should contact NCUA's Region IV office in Austin, Texas, at 512-342-5600.
Members needing emergency assistance related to the tornados and severe weather should call NCUA's toll-free consumer assistance hotline at 800-755-1030 and press the appropriate option. Operators will answer calls Monday through Friday between 8 a.m. and 5 p.m. EDT, the agency said.
Federal credit unions may also provide emergency financial services for non-members and aid other credit unions by providing services.
For the full NCUA release, use the resource link.