WASHINGTON -- Encouraging credit unions to make special provisions to expedite the loan-approval process and liberalize the terms of some of those loans are parts of the disaster-relief policy activated by NCUA in response to the storms and tornadoes in Iowa and Indiana.
When necessary, NCUA will also reschedule inspections of credit unions in the affected regions, guarantee lines of credit through the National Credit Union Share Insurance fund, and make loans to meet the needs of member credit unions through the Central Liquidity Facility.
These efforts compliment other federal government efforts to aid storm victims. President Bush has declared large parts of the states federal; disaster areas so that business, residents and governments are eligible to apply for loans to help the rebuilding process.
In Iowa, which received the brunt of the damage, the most severely impacted CUs, said the league, are those in Cedar Falls, Cedar Rapids, Des Moines, and Waterloo.
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