NCUA activates disaster plan after Wilma

ALEXANDRIA, Va. (10/25/05)--The National Credit Union Administration (NCUA) yesterday activated its disaster relief policy to assist credit unions and their members repair and rebuild in areas where businesses and homes are damaged by Hurricane Wilma.

President George W. Bush declared a major disaster exists in Brevard, Broward, Charlotte, Collier, DeSoto, Glades, Hardee, Hendry, Highlands, Indian River, Lee, Martin, Miami-Dade, Monroe, Okeechobee, Osceola, Palm Beach, Polk, St. Lucie, and Sarasota Counties in Florida and has ordered federal aid to supplement state and local recovery efforts.

The president's action also makes federal funding available for affected areas. Additional counties may be designated after assessments are completed.

The NCUA said under its disaster assistance policy, the agency would, where necessary:

  • Encourage credit unions to make loans with special terms and reduced documentation to affected members;

  • Reschedule routine examinations of affected credit unions if necessary;

  • 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 said its Region III examiners were in close contact with the affected local credit unions to offer advice and assistance. The agency said during disaster conditions, NCUA personnel operate under three priorities:

  • Ensure the safety of credit union staff;
  • Keep facilities and operations available to members; and
  • Provide material and technical assistance, as needed, to affected credit unions.

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Relief Effort and Support for Credit Unions (R.E.S.C.U.)
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