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News Now

CU System
Regulator praises Washington CUs flood efforts
FEDERAL WAY, Wash. (1/31/08)--The Washington State Department of Financial Institutions (DFI) issued a letter Monday commending the credit union industry for the assistance it is providing to those affected by the severe flooding in December storms in Western Washington. DFI is the state credit union regulator. The examples of local credit unions working with borrowers who are experiencing difficulty confirms that the state’s not-for-profit financial institutions are meeting the critical financial needs of their members and their communities, said DFI Director Scott Jarvis. “The individual outreach and community assistance provided by Washington credit unions in the wake of December flooding is a testament to our commitment to service,” said Washington Credit Union League President John Annaloro. Linda Jekel, state Divisions of Credit Unions director, Tuesday touted credit unions’ post-flooding recovery efforts in testimony to members of the state Senate Financial Institutions and Insurance Committee. Each affected credit union implemented its disaster recovery and business resumption plans and provided help to citizens and communities, she said. “Credit unions provided this help both on the personal service level and on a personal community level,” Jekel said. “We found that credit unions and their employees, who were themselves troubled with floods, were able to provide services.” Jekel also mentioned examples of credit union efforts, including providing unsecured signature loans, allowing some members to reduce or skip scheduled payments, and offering needed home improvement funds to repair flood damaged property.


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