Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
NCUA declares disaster assistance for Indiana Iowa
ALEXANDRIA, Va. (6/16/08)--The National Credit Union Administration (NCUA) has activated its disaster relief policy to assist credit unions and their members affected by the storms, flooding, and tornadoes in Indiana and Iowa. As of Friday in Iowa alone, an estimated 20 to 30 credit unions had been affected by numerous Midwest storms and subsequent flooding, according to the Iowa Credit Union League. President George W. Bush has declared an emergency exists in Indiana and Iowa and has ordered federal aid to supplement state and local response efforts. Under its disaster assistance policy, NCUA announced it will, 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.
The NCUA announcement noted that the agency works with individual state league organizations and state regulators to ensure all federally insured credit unions are aware of NCUA’s available assistance. Region III and Region IV examiners are closely monitoring the situation and will provide assistance as needed. When operating under disaster conditions, the NCUA instructs its personnel to operate maintaining three priorities. First is to determine the safety of credit union staff and operational condition of credit unions. Second is to provide needed material and technical assistance to affected credit unions. The final priority is to return credit unions to normal operations as quickly as possible. The NCUA reiterated that member accounts in all federally insured credit unions, including those affected by the storms, are insured by the National Credit Union Share Insurance Fund, a federal fund backed by the full faith and credit of the U.S. government.


RSS print
News Now LiveWire
#FreeGasFriday courtesy of @tvfcu, TN #creditunions http://t.co/wDRFYJVlpz
10 hours ago
If you were unable to watch or attend @cuna 's @thehill Hill forum on Wed., you can now watch the archived version: http://t.co/FhUnp7HbU8
11 hours ago
Time is running out. If you haven't taken the #NewsNow readership survey, please click here now: http://t.co/4Gp6C2Wa4o
11 hours ago
African financial inclusion possible with mobile money: @IMFNews study http://t.co/0V5DTQToxY
12 hours ago
Louise Herring's birthday is Saturday. 105 years later, her legacy lives on through her kids http://t.co/oMqGADmo0d http://t.co/T3NmS9NqEY
13 hours ago