Knight Investments LLC Raise Awareness of US National Credit Union Administration's Disaster Relief

May 16, 2011 - PRLog -- With severe flooding continuing to threaten areas of Tennessee, Mississippi, Kentucky and Louisiana, National Credit Union Administration (NCUA) Board Chairman Debbie Matz activated the agency’s disaster relief policy to assist credit unions and their members to deal with potential losses. Additionally, NCUA has expanded its disaster relief response to Iowa after more heavy storms there.

Compliance Officials at Knight Investments LLC stated that emergency grants had opened up to support these efforts in light of a potential historic disaster.

The flooding from a rising Mississippi River threatens to exceed historic highs reached in 1927 when collapsed levees caused widespread flooding. The river’s tributaries have been dumping more than twice their normal volume into the Mississippi since April 25.

Compliance Officials were briefed that in response, President Barack H. Obama declared this month that a major disaster existed in Louisiana and ordered federal aid to supplement state and local efforts.

The President’s actions make federal funding available for the following affected parishes: Avoyelles, Ascension, Assumption, Catahoula, Concordia, East Carroll, Iberia, Iberville, LaSalle, Madison, Pointe Coupee, East Baton Rouge, St. Charles, St. James, St. John, St. Landry, St. Martin, St. Mary, Tensas, Terrebonne, West Baton Rouge, and West Feliciana.

Officials at Knight Investments LLC stated that their officials would be on high alert to help assist project principals seeking compliance to obtain these grant appropriations. KI Officials stated that compliance would be reduced to a minimum for any companies that could establish past disaster relief.

President Obama declared that a major disaster exists in Mississippi, Tennessee and Kentucky because of the flooding. In Mississippi, the following counties are affected: Adams , Bolivar, Claiborne, Coahoma, DeSoto, Issaquena, Jefferson, Tunica, Warren, Washington, and Wilkinson. In Tennessee, the following counties are affected: Dyer, Lake, Shelby, and Stewart. In Kentucky, the following counties are affected: Boone, Bracken, Campbell, Carroll, Carter, Fleming, Gallatin, Kenton, Lawrence, Morgan, Nicholas, Oldham, Owen and Washington. Federal assistance is also available on a cost-sharing basis for hazard mitigation measures throughout Kentucky.

After severe storms hit Iowa April 9-10, President Obama declared the following
counties a disaster area:

Buena Vista, Cherokee, Ida, Monona, Pocahontas, and Sac.

Under the agency’s disaster assistance policy in relation to communities covered by a presidential disaster declaration, NCUA will, where necessary:

* Encourage credit unions to make loans with special terms and reduced documentation to affected members;
* Reschedule routine examinations of affected credit unions if necessary;
* Guarantee lines of credit for credit unions through the National Credit Union Share Insurance Fund; and
* Make loans to meet the liquidity needs of member credit unions through the Central Liquidity Facility.

Compliance Officials stated that disaster relief options would be available for those seeking to aid this relief effort

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