ALEXANDRIA, Va. -- NCUA Vice Chairman Rodney Hood met with Congressman Spencer Bachus (R-Ala.) last week during National Hurricane Preparedness Week to discuss the agency's steps to prepare credit unions in case of a hurricane or other severe weather emergencies.
"NCUA is taking proactive measures to maintain the safety and soundness of the credit union system and protect the financial well being of members in the event of a hurricane, and I appreciate the opportunity to discuss these with ranking member Bachus," Hood stated. "Congressman Bachus knows and understands credit unions, and is extremely influential on all issues effecting financial institutions. I look forward to working with him and the House Committee on Financial Services in the future to strengthen the economy while maintaining the safety and soundness of America's financial institutions."
Among the specific actions discussed during the meeting were NCUA's improvement of contingency processes for information reporting and communication and various updates to examination processes. The comment period just ended May 11 for NCUA's proposed regulation on records retention. NCUA also issued Letter to Credit Unions 06-CU-12 on the incorporation of disaster preparedness into the agency's examination, as well as a letter promoting GoDirect, Treasury's direct deposit initiative for government benefit payments, which can continue to provide recipients money even when the mail system is in chaos.
In the wake of Hurricane Katrina, NCUA had difficulty contacting some of the hardest hit credit unions for days.
Bachus is ranking member of the financial services committee and represents Alabama, a portion of which was battered by the storms of 2005.