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NCUA Assists California Earthquake Victims

ALEXANDRIA, Va.-After a sizeable earthquake rocked central California, NCUA activated its disaster relief policy to assist credit unions and members in California's San Luis Obispo County. On the morning of Dec. 22, an earthquake measuring 6.5 on the Richter scale struck the region, which led to two fatalities. Over 90...

By Staff Writer | Updated on January 06, 2004

ALEXANDRIA, Va.-After a sizeable earthquake rocked central California, NCUA activated its disaster relief policy to assist credit unions and members in California’s San Luis Obispo County. On the morning of Dec. 22, an earthquake measuring 6.5 on the Richter scale struck the region, which led to two fatalities. Over 90 aftershocks have been reported registering 3.0 or higher. The governor of California has declared a state of emergency. In response NCUA examiners and staff are working closely with federal credit unions in the area offering advice and assistance. Under the disaster relief policy, NCUA encourages credit unions to make special term and reduced documentation loans to affected members. The agency also reschedules routine exams for affected credit unions and guarantees lines of credit through the National Credit Union Share Insurance Fund and the Central Liquidity Facility.

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