NCUA Activates Emergency Procedures for Tennessee
In response to the record flooding in Tennessee, the NCUA has activated its processes for dealing with natural disasters.
These policies include: encouraging credit unions to offer special terms in loans to affected members; rescheduling examinations of affected credit unions; guaranteeing lines of credit through the NCUSIF and making loans to meet liquidity needs via the CLF.
The flooding, which took place in Tennessee, Kentucky and Mississippi, caused 30 deaths and $1.4 billion in damage in the City of Nashville alone, according to Reuters.
The NCUA said its employees' top priorities during disasters are to: determine the safety of credit union staff members and the conditions of credit unions; provide material and technical assistance to credit unions and return credit unions to normal operations as soon as possible.