The NCUA over the weekend activated its disaster relief policyin response to the flooding in Colorado.
|The policy allows the agency to encourage credit unions to offerspecial loan terms to affected members, re-schedule routineexaminations, if necessary, and guarantees lines of credit forcredit unions through the Share Insurance Fund and liquidity needsthrough the Central Liquidity Facility.
|Related:
CUEmployees Hit by Flooding
Flooding Closes Colorado Credit Unions
Some Credit Unions Re-Open in Boulder
The emergency declaration also allows federal credit unions tooffer other credit unions, members and non-members help in suchareas as check cashing and access to ATM networks.
The NCUA said examiners are surveying credit unions in affectedareas in Colorado where authorities said record rainfall last weekhave caused at least four deaths, widespread damage and evacuationsas the floodwaters surge down from the mountains into the plains,affecting an area nearly as large as the state of Connecticut.
|The policy – intended to help protect consumers and ensurecredit union services in affected areas – was most recentlyactivated in May after tornados in Oklahoma and after HurricaneSandy last fall.
|“Credit unions in need of NCUA assistance dealing with membersaffected by the flooding should contact their primary supervisoryofficial,” the agency said in its announcement Saturday.
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