Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

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
Cheney, La Pine, Middleman join @NCUFoundation board #NewsNow http://t.co/4C14PZpFf5
1 hours ago
Happy holidays! Here's your gift-report of another data breach: Staples between April and Sept, 1.16M cards at risk http://t.co/jDhJCkf3LC
1 hours ago
Maine credit unions put Food Mobile on the road to relieving hunger in rural areas http://t.co/R0xpt6BAZE
17 hours ago
.@TheNCUA's Matz: PALS should be exempt from Military Lending Act proposal #NewsNow http://t.co/Vy9uNhOIEr
18 hours ago
#NewsNow Iowa loan growth 3 times national bank rate http://t.co/fUvudPLg5d
20 hours ago