Is hurricane season over yet?
It has been a busy hurricane season this year in the Atlantic and Pacific with Hurricanes Florence, Michael and Olivia, just to name a few, and the hurricane season for those areas does not officially end until November 30th. The NAFCU Compliance team wanted to take this opportunity to remind everyone in the compliance world about a recent interagency statement and how the statement may affect a credit union impacted by a recent hurricane or similar disaster.
In September, several federal and state regulatory agencies including the NCUA issued an Interagency Statement on Supervisory Practices Regarding Financial Institutions Affected by Hurricane Florence in which the agencies “encourage[d] institutions operating in the affected areas to meet the financial services needs of their communities.” The statement advised credit unions and other financial institutions impacted by Hurricane Florence about the following issues:
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