NCUA monitors CUs affected by Mo., Miss. floods: Assistance available
ALEXANDRIA, Va. (1/6/16)--The National Credit Union Administration (NCUA), the Missouri Division of Credit Unions and the Mississippi Department of Banking and Consumer Finance will work with federally insured credit unions affected by recent severe storms and flooding in Missouri and Mississippi, the NCUA said Tuesday. The entities will work to help protect consumers and ensure the continuity of credit union services.
As of Tuesday evening, federally insured credit unions in the affected areas were operating normally. Credit union members in these areas should contact their credit unions or check their credit union’s website for the latest information.
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.
During natural disasters, the NCUA works with state regulators and state league organizations to ensure all federally insured credit unions can utilize NCUA’s available assistance.
Under the agency’s disaster relief policy the 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.
Credit unions in need of NCUA assistance should contact their primary supervisory examiner.