ALEXANDRIA, Va.—NCUA, the Missouri Division of Credit Unions and the Mississippi Department of Banking and Consumer Finance are working with federally insured credit unions affected by the recent severe storms and flooding in Missouri and Mississippi, NCUA stated Tuesday.
Federally insured credit unions in the affected areas are currently operating normally, NCUA said in a release. A previous CUToday.info report shared that most CUs near the floodwaters had not suffered any damage.
The swollen Mississippi and rivers that feed into it wreaked havoc in Missouri and Illinois after late December heavy rain and severe storms brought flooding across several central U.S. states, leaving at least 33 people dead. Tennessee is next on the floodwater watch list.
NCUA stated that during natural disasters the agency works with state regulators and state league organizations to ensure all federally insured credit unions are aware of and can utilize NCUA’s available assistance. Under the agency’s disaster relief policy NCUA will, when necessary:
- Encourage credit unions to make prudent 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 Share Insurance Fund; and
- Make loans to meet the liquidity needs of member credit unions through the Central Liquidity Facility.
Low-incomedesignated credit unions affected by flooding can apply for up to $7,500 in Urgent Needs grant assistance to repair damage or restore services to members, the agency said. Information about Urgent Needs Grants is available here.