NCUA Better Prepared for Wilma, Activates Disaster Assistance

ALEXANDRIA, Va.-NCUA headed into Hurricane Wilma better prepared because of Katrina and Rita, NCUA Chairman JoAnn Johnson stated. NCUA put its disaster relief policy into effect following Hurricane Wilma, which pummeled southern Florida, Monday, Oct. 24. President George W. Bush declared major disaster areas in Brevard, Broward, Charlotte, Collier, DeSoto, Glades, Hardee, Hendry, Highlands, Indian River, Lee, Martin, Miami-Dade, Monroe, Okeechobee, Osceola, Palm Beach, Polk, St. Lucie, and Sarasota Counties in Florida and has ordered federal aid to supplement state and local recovery efforts. Counties may be added after assessments are completed. This swath also includes Credit Union Times headquarters in West Palm Beach. By last Wednesday power and phones were back on. The President’s action made federal funding available for the affected areas. When disaster strikes, NCUA will: * Encourage credit unions to make 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 NCUSIF; and * Make loans to meet the liquidity needs of member credit unions through the Central Liquidity Facility.