ALEXANDRIA, Va. (9/16/08)--The National Credit Union Administration (NCUA) announced Monday it has activated its disaster relief policy to assist credit unions and their members affected by Hurricane Ike in Texas and Louisiana. Under its disaster assistance policy, NCUA 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.
In its announcement, the NCUA noted that it works with individual state league organizations and state regulators to ensure all federally insured credit unions are aware of NCUA’s available assistance. Region IV examiners are closely monitoring the situation and will provide assistance as requested or needed. The NCUA reiterated its three operating priorities during disaster conditions. NCUA personnel:
* Determine the safety of credit union staff and operational condition of credit unions; * Provide needed material and technical assistance to affected credit unions; and * Return credit unions to normal operations as quickly as possible.