Kenneth Feinberg, the Obama administration's claims czar on the BP oil spill, has now heard directly from Southeast credit unions that they're ready to provide check assistance to the victims and are hoping a loan guarantee plan can be set up.
It remained unclear, however, how far Feinberg, the New York lawyer and administrator of the $20 billion Gulf Coast Compensation Fund, might go in arranging a guarantee system for small loans made by CUs.
Top staffers of the League of Southeastern Credit Unions met with Feinberg for a half hour on Aug. 29 at the Birmingham airport to discuss the league's offer and what Alabama and Florida CUs should do to provide financial assistance to the hundreds of Gulf Coast businesses affected by the spill, including shrimpers, fishermen and restaurant owners.
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