ALEXANDRIA, Va. (4/8/14)--Recognizing that a disaster can disrupt the "orderly conduct of lending relationships with individual members," the National Credit Union Administration Monday encouraged credit unions to work with their members affected by the March 22 mudslide in Snohomish County, Wash.
The mudslide was responsible for at least 30 deaths and an estimated $10 million in property damage. The agency said it is monitoring the situation closely.
The agency said in a release that appropriate efforts to assist those members could include extending the terms of loan repayments, restructuring a borrower's debt obligations and easing credit terms for new loans, consistent with prudent practices.
Credit unions can also make members aware of assistance from other government agencies.
Also related to credit unions helping victims of the mudslide, the Northwest Credit Union Association and Northwest Credit Union Foundation partnered to raise funds for families impacted by the disaster (News Now April 1). The campaign already has raised $50,000, and online donations will be accepted through Wednesday. To donate, use the resource link.
The National Credit Union Foundation also said it has funds in its CUAid general disaster relief fund and is working with NWCUA and NWCUF to get disaster relief grant applications to credit union people who were affected by the mudslide.