NFB update from Markey
Congresswoman Markey’s office just sent me the following information regarding her efforts to help Weld County’s agricultural community:
- Congresswoman Markey spoke Wednesday with the head of the Federal Deposit Insurance Corporation (FDIC), and was assured that the FDIC is committed to working with borrowers to secure new loans with other lenders. The Congresswoman is committed to making sure that they do.
- There has been some confusion surrounding what happens to people’s bank accounts and loans tomorrow, Friday, May 8th
- This Friday, if you are a depositor - meaning if you have a checking or savings account - on Friday your account will be transferred to Bank of the West - every penny of it.
- You can transfer your money elsewhere, but if you take no action, your money will transfer to Bank of the West. However, Bank of the West is not going to commit to new LOANS.
- The FDIC has confirmed that they will remain on the ground in Colorado to work with borrowers to assist them in securing new loans for the foreseeable future. (approx. 6 - 9 months)
- Congresswoman Markey will continue to pressure USDA to shift agency funds from its guaranteed loan program to its direct operating loan program, which has exhausted all of its funds.
- Transferring those funds would ensure both programs are available to qualified farmers who need the funds for spring plantings, farmhands and cow feed.
- This situation is deadly serious, and could have far-reaching ramifications across the state.
- Congresswoman Markey is committed to doing everything in her power to ensure that credit remains available for farmers, families and businesses in Northern Colorado.