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Washington
NCUA advises on hurricane season preparedness
ALEXANDRIA, Va. (5/26/11)--With National Hurricane Preparedness Week ending this weekend, the National Credit Union Administration has reminded credit unions in hurricane-prone areas of the many resources that can help them and their members remain physically and financially safe. The NCUA has provided a number of online resources aimed at helping credit unions review their existing disaster plans. The agency will also soon release a letter to credit unions addressing hurricane planning. NCUA Chairman Debbie Matz in a release said that credit unions should ensure that their disaster plans are commensurate with the complexity of their operations. Those plans should “focus on minimizing service interruptions” and should also “instill confidence during an emergency,” according to the NCUA. Credit unions may also call their regional NCUA office or examiner in the event of a disaster, the agency added. The NCUA also suggested that credit unions and their members make use of direct deposit to avoid potential postal service delays that could be caused by the storms. The 2011 season will start on June 1, and the National Oceanic and Atmospheric Administration has predicted that as many as 18 named storms could develop. Up to ten of those could develop into “named” storms with winds of 74 miles per hour or higher, and as many as six of those named storms could eclipse the 111 mph sustained wind threshold and become “major” hurricanes. For the full NCUA release, use the resource link.
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