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News Now

Washington
NCUA again expands disaster relief area
ALEXANDRIA, Va. (5/12/11)--The National Credit Union Administration (NCUA) on Wednesday expanded the scope of its disaster relief policy as severe flooding now threatens parts of Missouri, North Dakota and Minnesota. The agency earlier this week activated its disaster relief policy in Tennessee, Mississippi, Kentucky, Louisiana and Iowa. The National Weather Service on Wednesday issued flood warnings along the majority of the Mississippi river, with those warnings stretching far to the north. The river is expected to continue to rise, and the National Weather Service has predicted that it will crest at 64 feet on May 21. Reuters earlier this week reported that 3 million acres have been inundated in Arkansas, Tennessee, and Mississippi. The NCUA expanded its own policy to mirror recent additions to the list of federally-mandated disaster areas. The agency's disaster relief policy is intended to assist credit unions and their members to deal with potential losses. Under the policy, the agency will, where necessary, encourage credit unions to make loans with special terms and reduced documentation to affected members, reschedule some credit union examinations, 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 examiners will survey credit unions operating in flood- and storm-affected counties and parishes. For more on the NCUA’s disaster relief efforts, see the NCUA’s release and prior News Now coverage.
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