Credit unions and banks along the Gulf Coast in the path of the new Hurricane Sally both received guidance from their respective federal regulators Monday.
The National Credit Union Administration (NCUA) warned credit unions in the path of Sally to take precautions as the storm intensified in the Gulf of Mexico. The storm reached hurricane strength Monday; it is expected to hit some Gulf Coast states Tuesday, including Louisiana, Mississippi and Alabama.
“Credit unions in the path of Tropical Storm Sally should to take measures to protect their staff and secure their operations,” NCUA Chairman Rodney E. Hood said. “The NCUA will be closely monitoring the storm’s progress, and we stand ready to assist credit unions with maintaining or restoring operations, if necessary. We encourage everyone to be alert for official announcements and media reports as the storm draws near.”
Also Monday, the Office of the Comptroller of the Currency (OCC) issued a proclamation allowing national banks, federal savings associations, and federal branches and agencies of foreign banks to close offices affected by Hurricane Sally at their discretion.
The OCC said it expects that only those bank offices directly affected by potentially unsafe conditions will close. “Those offices should make every effort to reopen as quickly as possible to address the banking needs of their customers,” the agency stated in a release.
Also Monday, the Federal Deposit Insurance Corp. (FDIC) advised banks in Puerto Rico that it would provide regulatory assistance to institutions under its supervision in affected areas of the island. Hurricane Isaias formed in late July and made landfall in early August.
The affected areas in Puerto Rico are Aguada, Hormigueros, Mayaguez and Rincon municipalities, the FDIC said,
NCUA Warns Credit Unions in the Path of Tropical Storm Sally to Prepare
OCC Allows National Banks and Federal Savings Associations Affected by Hurricane Sally to Close