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NCUA invokes disaster relief for Tenn. CUs and members
ALEXANDRIA, Va. (5/12/10)--The National Credit Union Administration (NCUA) yesterday encouraged credit unions “to make loans with special terms and reduced documentation” to members that have been affected by the recent severe weather in Tennessee. The NCUA will also take its own actions in response to the floods, tornadoes, and severe thunderstorms which resulted in portions of that state being declared federal disaster areas by the President. The NCUA has offered to “reschedule routine examinations of affected credit unions,” to fully back lines of credit for credit unions through its National Credit Union Share Insurance Fund (NCUSIF), and to “make loans to meet the liquidity needs of member credit unions through the Central Liquidity Facility.” The NCUA also works to “determine the safety of credit union staff and operational condition of credit unions,” to “provide needed material and technical assistance to affected credit unions,” and to “return credit unions to normal operations as quickly as possible” following disaster conditions. For the full NCUA release, use the resource link.
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