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NCUA will fully back CUs in states affected by recent flooding
ALEXANDRIA, Va. (4/5/10)--The National Credit Union Administration on Friday encouraged credit unions in Delaware, New Hampshire, Massachusetts, Rhode Island and West Virginia to work with members as they deal with damages and other issues related to the recent flooding and sever weather. Portions of these states have been declared federal disaster areas, and the NCUA has suggested that credit unions in these areas facilitate the recovery of their communities by making loans with “special terms and reduced documentation” for members that have been affected by the recent storms. The NCUA will also “reschedule routine examinations of affected credit unions” as needed. Additionally, the NCUA said it would aid recovery efforts by guaranteeing lines of credit through the National Credit Union Share Insurance Fund and lending to “meet the liquidity needs of member credit unions through the Central Liquidity Facility.” The NCUA release follows a Federal Deposit Insurance Corporation release earlier this week. While the NCUA at first indicated that it would handle the situation in these jurisdictions on a case by case basis, the Agency later elected to produce its own guidance. For the full NCUA guidance, use the resource link.
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