ALEXANDRIA, Va.—NCUA is encouraging credit unions in California counties affected by wildfires to make “prudent” efforts to help members in those areas.
“Credit unions are about serving members, and when disasters, like the California fires, strike, they look for opportunities to help,” NCUA Board Chairman Debbie Matz said. “NCUA has been monitoring the situation closely and has remained in contact with credit unions in the affected areas. I’m happy to report no credit unions in the area have reported damage or interruptions to their daily operations as a result of the fires.”
NCUA said it recognizes disasters can affect the orderly conduct of lending relationships with individual members and businesses.
“The agency encourages credit unions to exercise prudent efforts to modify terms of existing loans when appropriate, including extending repayment terms, restructuring debt obligations or easing credit terms to new loans consistent with safe and sound practices,” NCUA stated.
The fires began in early September and caused extensive damage in Amador, Calaveras, Lake, Napa and Sonoma counties in California. On Sept. 22, the federal government issued a Disaster Declaration for Calaveras and Lake counties. CUToday.info, in several previous reports, has detailed how CUs are supporting members with special assistance programs and charitable funds to help those affected by the fires and those who are also fighting the blazes.