Fed’s Urge Hurricane Victims‘Contact Your Lender’

WASHINGTON - (01/16/06) – NCUA and the banking regulatorswill unveil a new campaign of public service announcements thisweek that will urge the hundreds of thousands of hurricane Katrinaand Rita victims to continue working with their credit union orbank to resolve the ongoing financial recovery caused by themassive storm. The PSAs will run in print and on radio in thestorm-stricken areas and will urge victims to ‘Contact YourLender’ to discuss and develop financial strategies to. Theregulators are also calling on the lenders to continue forebearanceon the affected borrowers by restructuring repayment terms andschedules, deferring principal or interest for additional periods,and providing help ful information. Although four months havepassed since the two major storms, regulators note that manyvictims have still not contacted their lenders.