ALEXANDRIA, VA (April 7, 2014) – The National Credit Union Administration is encouraging credit unions serving people in Washington state who were affected by the recent mudslide in Snohomish County to work with members who may need assistance.
The March 22 mudslide was responsible for at least 30 deaths and an estimated $10 million in property damage. NCUA staff are monitoring the situation closely.
NCUA recognizes the mudslide may affect the orderly conduct of lending relationships with individual members. The agency encourages credit unions to make appropriate efforts to assist those members, including extending the terms of loan repayments, restructuring a borrower’s debt obligations and easing credit terms for new loans, consistent with prudent practices. Credit unions can also make members aware of assistance from other government agencies.
NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the U.S. Government, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 96 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. At MyCreditUnion.gov and Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues.