ARLINGTON, Va. – Members of the NASCUS Reserve Examiner Program,a group of retired state examiners, are waiting for the call tohelp out state agencies affected by Hurricane Katrina. BarbaraPogue, director, accreditation and membership for NASCUS and whooversees the program for the association, said “to my knowledge” sofar the credit union regulatory agencies in Alabama, Louisiana andMississippi have not asked NASCUS for assistance yet althoughNASCUS has notified the state agencies of the Reserve ExaminerProgram resources. At NASCUS' Quarterly Regulator's Conference Callon Sept. 19, regulators from more than 35 state agencies had theopportunity to speak directly with the regulators in the affectedareas and continue to offer assistance. Deputy Commissioner DorisGunn of the Louisiana Office of Financial Regulation, andCommissioner John Allison of the Mississippi Department of Bankingand Consumer Finance, provided updates on the status of theagencies, credit unions and operations in the affected areas, andboth expressed appreciation for the outpouring of assistance fromtheir regulator peers. Meanwhile, NASCUS applauded states' Katrinarelief efforts and encouraged the continued flexibility of federaland state agencies in meeting the “unique” financial needs ofHurricane Katrina victims. State agencies have offered manyresources to the affected regulatory agencies including computers,office space in surrounding states, office supplies and manpower.NASCUS President Mary Martha Fortney said state and federalregulators have responded quickly to the immediate needs of Katrinavictims. “They are doing an excellent job of providing the muchneeded flexibility to ensure financial needs of victims are met,while at the same time protecting safety and soundness,” she said.State regulators nationwide have issued emergency declarations andguidances to ensure that Hurricane Katrina evacuees residing intheir states are provided with financial services. The regulatorshave waived fees, offered special term loans and eased restrictionson check cashing and non-member services. NASCUS also recommendsstate regulators and credit unions to reference the guidancesreleased by federal agencies, including the NCUA, FDIC and FinCENregarding compliance and servicing members in the wake of HurricaneKatrina.

Continue Reading for Free

Register and gain access to:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
  • Educational webcasts, white papers, and ebooks from industry thought leaders.
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.