As Hurricane Michael nears, OCC, NCUA ready resources for banks, CUs

Federal bank and credit union regulators on Tuesday issued statements and noted resources available to assist institutions in the path of Hurricane Michael, which had grown to a Category 3 storm as it headed toward the Florida panhandle. It’s expected to make landfall Wednesday.

National banks, federal savings associations, and federal branches and agencies of foreign banks affected by severe conditions related to the hurricane in the Gulf Region are allowed to close under a proclamation issued Tuesday by the Office of the Comptroller of the Currency (OCC). The OCC also noted disaster-related resources online for banking institutions, customers and other agencies.

Earlier Tuesday, the National Credit Union Administration (NCUA) issued a release pointing credit unions and members that are in the path of the hurricane to information on preparedness and recovery via the agency’s hurricane information web page.

NCUA says the agency will be ready to assist credit unions with maintaining or restoring operations, if necessary. The NCUA Office of Credit Union Resources and Expansion can also provide urgent needs grants up to $7,500 to low-income credit unions that experience sudden costs to restore operations interrupted by the storm, the agency said.

The agency says credit union members are encouraged to check their credit unions’ websites and social media sites for real-time information updates, including operating hours; members may also contact the NCUA’s Consumer Assistance Center at 800-755-1030 Monday through Friday between 8 a.m. and 5 p.m. ET.

NCUA Offers Information, Assistance to Credit Unions in Path of Hurricane Michael

NCUA Hurricane and Disaster Information web page

Information on urgent grants for low-income CUs

OCC Allows National Banks and Federal Savings Associations Affected by Hurricane Michael in the Gulf Coast Region to Close

OCC Proclamation

OCC Bulletin 2012-28, Supervisory Guidance on Natural Disasters and Other Emergency Conditions

OCC Major Disaster News Center

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