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Washington
NCUA expands disaster policy due to Midwest floods
ALEXANDRIA, Va. (7/1/11)--The National Credit Union Administration (NCUA) on Thursday again expanded the scope of its disaster relief policy as severe weather and flooding continued to impact the Midwest. The expansion is a reaction to severe weather and flooding that is impacting areas of Montana, Nebraska, Indiana, Kansas and Iowa. These areas were recently named federal disaster areas by the Obama administration. The agency's disaster relief policy is intended to assist credit unions and their members to deal with potential losses. Under the policy, the agency will, where necessary, encourage credit unions to make loans with special terms and reduced documentation to affected members, reschedule some credit union examinations, 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. The NCUA last month reached out to aid credit unions and members impacted by severe flooding in North Dakota, Tennessee and Minnesota and flooding and tornadoes in Missouri. The agency also activated its disaster relief policy in Kentucky, Louisiana and Iowa due to flooding last month, and took similar action following early May tornadoes in the southeast. For more on the NCUA's disaster relief efforts, see the NCUA's release and prior News Now coverage.
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