Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Louisiana regulators assessing oil spill impact on CUs
BATON ROUGE, La. (7/19/10)--Louisiana regulators are preparing to conduct a formal survey of financial conditions impacting credit unions as a result of the British Petroleum (BP) oil spill, said the state’s top financial examiner, Sidney Seymour. “So far, the biggest concern we've been hearing is the domino effect from the moratorium [on off shore oil drilling],” said Seymour in detailing the watch-and-wait stance of the Louisiana Office of Financial Institutions in measuring the fallout on banks and credit unions, according to the Louisiana Credit Union league (eNews July 15). As with the aftermath of hurricanes Katrina, Rita and others and now with the BP spill, the agency joined with the National Credit Union Administration (NCUA) and the banking agencies to urge the regulated institutions to provide prudent financial assistance to customers and members impacted by the catastrophe, Seymour said. On Wednesday, NCUA joined with the Federal Reserve, the Federal Deposit Insurance Corp. and the Comptroller of the Currency in a statement stressing that financial institutions “are encouraged to work with their customers and consider measures to assist creditworthy borrowers affected by the Gulf oil spill. Such measures can help customers recover financially and be better positioned to honor their obligations.” The league is asking Louisiana credit unions to contact the league and notify it if a credit union and/or members are being affected by the disaster. The league said it has resources available to help credit unions such as compliance information, strategic planning and others.


RSS





print
News Now LiveWire
Neb. #creditunions report widespread growth: 3Q review #NewsNow #system http://t.co/BavEljz15w
15 minutes ago
Economic growth leaps in Nov, @ChicagoFed reports http://t.co/8Xo9lKLFf2
36 minutes ago
#NewsNow Redwood CU branch manager will do double duty as mayor http://t.co/yRnkcQYrEG
1 hours ago
.@PCUA PAC donors notch record $151K+, surpassing 2013 total
1 hours ago
Cheney, La Pine, Middleman join @NCUFoundation board #NewsNow http://t.co/4C14PZpFf5
2 hours ago