Resources available to help credit unions affected by floods in Texas beginning July 2 were outlined by their federal regulator late Monday, saying it is “monitoring the situation closely.”
In a release, the National Credit Union Administration (NCUA) said low-income-designated credit unions affected by emergencies can apply for Urgent Needs grant assistance to repair damage or restore services to members.
Credit unions seeking assistance should contact their primary supervisory examiner, the agency said.
Meanwhile, NCUA noted that it 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;
- 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 (CLF).
“NCUA examiners have been working to stay in contact with credit unions in the areas affected, determine their status, and offer assistance as needed. Credit unions needing assistance should contact their regional offices,” NCUA said.
NCUA Monitoring and Assisting Credit Unions Affected by Flooding in Texas