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NCUA: CUs Have Flexibility to Assist Louisiana Flood Victims
Friday, August 26, 2016 6:40 AM

Agency Working to Ensure Access to Services; Deposits Remain Insured

After the worst U.S. natural disaster since Super Storm Sandy in 2012, the National Credit Union Administration is continuing to work with federally insured credit unions in Louisiana to help them better serve flood victims and ensure continuity of operations.

“Louisiana’s credit unions can and should work with their members, many of whom have lost everything they own, to help them recover and rebuild their lives,” NCUA Board Chairman Rick Metsger said. “Working constructively with credit union borrowers who may experience financial difficulty as a result of this extraordinary flooding is in the long-term best interest of both the credit union and the member. In this time of great need, credit unions also may extend a helping hand to nonmembers.”

During natural disasters, NCUA works with state regulators and state credit union leagues to ensure all federally insured credit unions are aware of and can utilize NCUA’s available assistance. Under the agency’s disaster relief policy, NCUA will, when necessary:

  • Encourage credit unions to make prudent loans with special terms and reduced documentation to affected members;
  • Reschedule routine examinations of affected credit unions, if necessary;
  • Guarantee lines of credit for credit unions through the Share Insurance Fund; and
  • Make loans to meet the liquidity needs of member credit unions through the Central Liquidity Facility.

Low-income-designated credit unions affected by flooding can apply for up to $7,500 in Urgent Needs grant assistance to repair damage or restore services to members. Information about Urgent Needs Grants is available online here. Agency staff members are helping eligible credit unions in the flooded areas apply for the low-income credit union designation.