BOULDER, Colo.—NCUA has activated its disaster relief policy to assist members and credit unions affected by the historic flooding that has battered Colorado for days.
The move comes after several credit unions temporarily closed their doors late last week, many expecting to reopen Saturday or early this week. Initial reports indicated the closings were a precaution—with additional rain expected this weekend—or due to access problems. On Friday, Boulder Municipal Employees FCU closed its single office in Boulder; Premier Members FCU shut down its Longmont location, IBM plant and call center; Boulder Valley CU has its Arapahoe and Louisville offices closed; and all Elevations CU branches and phone contact center had shut down.
Under NCUA’s disaster relief policy, the agency encourages credit unions to make loans with special terms to members affected by the flooding and guarantees lines of credit for CUs through the Share Insurance Fund.
Another round of storms swept into Colorado on Saturday, raising the death toll to five with more than 170 people unaccounted for.
