MADISON, Wis. (11/19/12)--More than $185,000 has been raised for disaster relief by credit unions and credit union-related organizations through CUAid, the credit union movement's Disaster Relief Fund, the National Credit Union Foundation (NCUF) announced Thursday.
"This is the result of donations ranging from $5 to $10,000 demonstrating the collective power and philosophy of the credit union movement," said Christopher Morris, NCUF director of communications.
In New Jersey, the state Department of Banking and Insurance (NJ DOBI) is requesting information about how state credit unions are responding Hurricane Sandy, said the New Jersey Credit Union League .
Alloya Corporate FCU, Albany, N.Y., is providing a special fixed term loan, below market interest rates to its members affected by Hurricane Sandy, according to the New Jersey league (The Daily Exchange Nov. 16).
To date, two member credit unions have taken advantage of the special rate, Alloya said.
The National Credit Union Administration (NCUA) and other federal financial regulators have urged financial institutions to "consider all reasonable and prudent steps" to help members and customers impacted by Hurricane Sandy (News Now Nov. 15).
The Federal Reserve, the Federal Deposit Insurance Corp., and the Office of the Comptroller of the Currency joined the NCUA in releasing supplemental guidance to their Oct. 30 statements about financial institutions and borrowers affected by the storm.