NCUA activates disaster relief policy in Colorado
Sept. 16, 2013 – NCUA has activated its disaster relief policy to help credit unions and their members affected by flooding in Colorado.
NCUA said examiners are surveying credit unions operating in affected areas and noted that some credit unions and branches in locations affected by the flooding may have curtailed hours or services. Credit union members in these areas should contact their credit unions or check their websites for the latest information, the agency said in an announcement Saturday.
Under the agency’s disaster relief policy, NCUA will, where necessary:
- encourage credit unions to make prudent loans with special terms and reduced documentation to affected members;
- reschedule routine examinations of affected credit unions;
- guarantee lines of credit for credit unions through the National Credit Union Share Insurance Fund; and
- make loans to meet the liquidity needs of member credit unions through the Central Liquidity Facility.
NCUA also works with state regulators and state league organizations to ensure all federally insured credit unions know of NCUA’s available assistance during a disaster. Examiners will remain in close contact with affected credit unions to offer advice and to provide material and technical assistance, as needed.
Under certain conditions, federal credit unions may also provide assistance to other credit unions, their members and non-members in the affected areas. Credit unions that need NCUA’s help dealing with members affected by the flooding should contact their primary supervisory official, the agency said.