April 08, 2014

CUs urged to help those affected by mudslide

April 9, 2014 – NCUA has encouraged credit unions serving people in Washington state who were affected by the recent mudslide in Snohomish County to work with members who may need assistance.

The March 22 mudslide was responsible for at least 30 deaths and an estimated $10 million in property damage. NCUA staff are monitoring the situation closely, the agency said.

"NCUA recognizes the mudslide may affect the orderly conduct of lending relationships with individual members," it said in a statement. "The agency encourages credit unions to make appropriate efforts to assist those members."

It said such efforts may include extending the terms of loan repayments, restructuring a borrower's debt obligations and easing credit terms for new loans, consistent with prudent practices. NCUA said credit unions can also make members aware of assistance from other government agencies.