Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
NCUA activates disaster response for southeastern tornado victims
ALEXANDRIA (2/11/08)— The National Credit Union Administration (NCUA) has activated its disaster relief policy to assist credit unions and their members affected by the severe storms, tornadoes, winds, and flooding in Arkansas and Tennessee. President George W. Bush has declared an emergency exists in those states. He has ordered federal aid to supplement state and local response efforts. Under its disaster assistance policy, NCUA encourages credit unions to make loans with special terms and reduced documentation to affected members. Also, as necessary, the agency will:
* Reschedule routine examinations of affected credit unions; * 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.
NCUA works with individual state league organizations and state regulators to ensure all federally insured credit unions are aware of NCUA’s available assistance, the agency said in a release. Region III and Region IV examiners are in close contact with affected credit unions to offer advice and assistance. During disaster conditions, NCUA personnel are instructed to operate under three priorities. They are asked to: determine the safety of credit union staff and the operational condition of credit unions; provide needed material and technical assistance to affected credit unions; and. return credit unions to normal operations as quickly as possible. Member accounts in all federally insured credit unions affected by the storms are insured by the National Credit Union Share Insurance Fund, a federal fund backed by the full faith and credit of the U.S. government.


RSS print
News Now LiveWire
.@CreditYOUnion captures voices of #100MM loud, proud at @GAUnitedCU See #NewsNow Thursday for more
1 hours ago
Ill. @GovernorQuinn signs patent troll law http://t.co/ugWf8zHpCm via @CrainsChicago
2 hours ago
.@MBAMortgage : Mortgage apps increased 2.8% from one week earlier for week ending Aug. 22.
3 hours ago
Franchise businesses may face higher breach risk with POS systems HT @briankrebs http://t.co/LGE46DUk15
4 hours ago
About 1 in 3 consumers use plastsic for in-person purchases of less than $5, according to @CreditCardsCom survey.
5 hours ago