ALEXANDRIA, Va. (10/1/15)--No credit unions serving in the California counties impacted by recent wildfires have been damaged, said the National Credit Union Administration (NCUA), which authorized credit unions to make prudent efforts, including modifying loan terms, to help members in those areas.
“NCUA has been monitoring the situation closely and has remained in contact with credit unions in the affected areas,” said NCUA Chair Debbie Matz. “I’m happy to report no credit unions in the area have reporting damage or interruptions to their daily operations as a result of the fires.” (See related story: CUs have amassed millions in fire relief funding.)
She noted that “credit unions are about serving members, and when disasters, like the California fires, strike, they look for opportunities to help.”
The NCUA said it recognizes that disasters may affect lending relationships and operations and encouraged credit unions to exercise prudent efforts to modify terms of existing loans when appropriate, including extending repayment terms, restructuring debt obligations or easing credit terms to new loans consistent with safe and sound practices.
The agency reassured consumers that members’ deposits are federally insured by the National Credit Union Share Insurance Fund. And urged members needing assistance in the affected areas to contact their credit unions or NCUA’s Consumer Assistance Center toll-free at 800-755-1030 on weekdays between 8 a.m. and 5 p.m. (ET).
The California and Nevada Credit Union Leagues have been coordinating those states’ fundraising efforts to assist members in the areas affected by the fires. The fires began in early September and caused extensive damage in Amador, Calaveras, Lake, Napa and Sonoma counties in California. The federal government on Sept. 22 issued a disaster declaration for Calaveras and Lake Counties.