As NCUA assists Vermont Credit Unions affected by floods, GAO takes shot at National Flood Insurance Program

Communities in Vermont are still reeling from the effects of torrential downpours and major flooding that hit the region in July, with more heavy rain expected in the near future. To date, over 4,000 homes and 800 businesses have reported damage, and two people lost their lives. Even those not in flood zones as designated by the Federal Emergency Management Agency (FEMA) were struck with flooding.

NCUA offers aid to affected federally insured credit unions

In early August, the NCUA issued a press release stating they are working with federally insured credit unions in the state to ensure continuity of vital financial services.

In addition to reminding consumers that their member deposits at federally insured credit unions remain protected, NCUA is also providing guidance to credit unions in affected areas on how best they might serve their communities in these difficult times. For example, NCUA is encouraging credit unions to “make prudent loans with special terms and reduced documentation to affected members.”

To assist the credit unions themselves, NCUA is rescheduling routine examinations, guaranteeing lines of credit through the Share Insurance Fund, and making loans through the Central Liquidity Facility credit unions in need.


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