Credit union executives joined by Gulf Coast regulators are slated to take part in an Aug. 30 workshop-webinar sponsored by the League of Southeastern Credit Unions on how CUs should be treating small business and consumer loans affected by the BP oil spill.
League officials said examiner flexibility on the loans to fishermen, boat operators and small businesses will be an issue at the three-hour session to be held at Pen Air FCU in Pensacola. CU leaders from outside Pensacola are provided a phone-in option.
Regulatory officials from Alabama and Florida have been invited to join the session, with those from Louisiana and Mississippi also expected to participate.
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"Even though the oil has stopped flowing, the true economic impact for the region is just now starting to be felt," said Patrick La Pine, president/CEO of LSCU. "We have begun working with government officials, including regulators, to see what credit unions can do to assist the region with its economic recovery and that includes the people and small businesses that are hurting."
On loans, the hope, said an LSCU spokesman, is "to see some flexibility from the regulators." Sidney Seymour, chief examiner of the Louisiana Office of Financial Institutions, said his agency is "prepared to be flexible in our discussions with credit unions" on workout loans cognizant, however, that such credits be extended in a prudent manner. CU managers should not expect such loans "to be automatically criticized."
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