Colorado Floods: NCUA Activates Disaster Policy
The NCUA over the weekend activated its disaster relief policy in response to the flooding in Colorado.
The policy allows the agency to encourage credit unions to offer special loan terms to affected members, re-schedule routine examinations, if necessary, and guarantees lines of credit for credit unions through the Share Insurance Fund and liquidity needs through the Central Liquidity Facility.
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The emergency declaration also allows federal credit unions to offer other credit unions, members and non-members help in such areas as check cashing and access to ATM networks.
The NCUA said examiners are surveying credit unions in affected areas in Colorado where authorities said record rainfall last week have caused at least four deaths, widespread damage and evacuations as the floodwaters surge down from the mountains into the plains, affecting an area nearly as large as the state of Connecticut.
“Credit unions in need of NCUA assistance dealing with members affected by the flooding should contact their primary supervisory official,” the agency said in its announcement Saturday.