Hurricane Dennis Forces NCUA Disaster Response

ALEXANDRIA, Va.-NCUA has activated its disaster assistance relief policy to help credit unions and their members recover from damage caused by Hurricane Dennis. President George W. Bush declared major disasters in Alabama, Florida and Mississippi as a result of Dennis and ordered federal aid to supplement state and local efforts. The President’s action opens up federal funding for the affected areas. Under NCUA’s disaster assistance policy, the agency: 1) Encourages credit unions to make loans with special terms and reduced documentation to affected members; 2)Reschedules routine examinations of affected credit unions if necessary; 3)Guarantees lines of credit for credit unions through the National Credit Union Share Insurance Fund; and 4)Makes loans for liquidity needs of member credit unions through the Central Liquidity Facility. NCUA partners with the state leagues and regulators to ensure all federally insured credit unions are aware of the assistance available. Region III examiners are in contact with the affected credit unions for advice and assistance. During disaster conditions, NCUA personnel follow three priorities: * Ensure the safety of credit union staff; * Keep facilities and operations available to members; and * Provide material and technical assistance, as needed, to affected credit unions.