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NCUA Swings into Action for Hurricane Claudette Victims

ALEXANDRIA, Va.-NCUA has activated its disaster relief policy to aid credit unions and their members in areas of Texas affected by Hurricane Claudette. NCUA examiners and staff are working with federal credit unions located in the designated counties to determine immediate needs and offer advice and assistance. Under NCUA's policy,...

By Staff Writer | Updated on July 29, 2003

ALEXANDRIA, Va.-NCUA has activated its disaster relief policy to aid credit unions and their members in areas of Texas affected by Hurricane Claudette. NCUA examiners and staff are working with federal credit unions located in the designated counties to determine immediate needs and offer advice and assistance. Under NCUA’s policy, the agency will: * Encourage credit unions to make loans with special terms and reduced documentation to members whose homes and property are damaged; * Reschedule routine examinations of affected credit unions; and * Guarantee lines of credit through the National Credit Union Share Insurance Fund and the Central Liquidity Facility. President George W. Bush authorized the Federal Emergency Management Agency to provide aid. In turn, FEMA has designated Calhoun, Jackson, Matagorda, Refugio and Victoria counties eligible for aid to provide for residents needing assistance. FEMA may expand its designation as investigations continue to include additional counties based on assessment results. Under disaster conditions, NCUA personnel operate under three priorities: ensuring the safety of credit unions staff; keep facilities and operations available to members; and provide material and technical assistance as needed to affected credit unions.

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