NCUA Invokes Disaster Rules For Tornado Assistance

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TUSCALOOSA, Ala. – NCUA said credit unions in the storm-ravaged states of Alabama, Tennessee, Mississippi and Georgia can provide emergency services for non-members and other credit unions under special circumstances.

NCUA said it is providing emergency lines of credit for hundreds of credit unions in the worst-hit counties through the National CU Share Insurance Fund or Central Liquidity Facility. Under its normal disaster plan, NCUA is encouraging credit unions to ease terms and documentation for loans to finance recovery efforts.

NCUA’s action comes after more than 350 people were killed in the four states by a series of as many as 230 tornadoes.

In response, President Barack Obama has now declared that a major disaster exists in Tennessee and ordered federal aid to supplement state and local recovery efforts. The president’s actions make federal funding available for the following affected counties: Cheatham, Davidson, Hickman and Williamson.

Four additional counties in Mississippi were added to the list of those announced Saturday. Mississippi’s Chickasaw, Choctaw, Neshoba and Webster counties also can access federal emergency assistance programs.

 

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