DES MOINES, Iowa — As the harsh economic reality of the Iowa floods took hold last week, with the hardest-hit credit unions girding for an avalanche of loan applications from members who lost homes and jobs.
"We've already developed a specific checklist on the applications, and we expect to be very proactive following up with borrowers after 30 days, since we think 60 to 90 days is too long to wait," declared Richard Benhart, president/CEO of Collins Community CU in Cedar Rapids in detailing relief procedures.
Like other CUs across the state and in neighboring Wisconsin and Indiana, which also bore extensive flood damage, CUs have been quickly and carefully assembling forbearance and late payment packages with regulatory oversight.
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