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Aside from Having to Attend an Early Bird Meeting at the White House, NCUA Unscathed by Blackout

ARLINGTON, Va. - The massive blackout didn't have any major effects on NCUA. The agency sent some staffers to a meeting of the Financial and Banking Information Infrastructure Committee at the White House at 6:00 a.m. on Friday, August 15. The meeting participants, who included other federal financial regulators, reported...

By Staff Writer | Updated on August 26, 2003

ARLINGTON, Va. – The massive blackout didn’t have any major effects on NCUA. The agency sent some staffers to a meeting of the Financial and Banking Information Infrastructure Committee at the White House at 6:00 a.m. on Friday, August 15. The meeting participants, who included other federal financial regulators, reported that most banks, including Federal Reserve banks were on back-up power and expected to be at business as usual on Monday morning, which they were. The NCUA said it considered the situation serious but not a full-blown crisis. Clifford Northup, Director of Public and Congressional Affairs for the agency said that NCUA’s Region 1 office in Albany had gone offline on Thursday August 14 because of the power outage but added that the office came back online on Friday. The agency’s regional office based in Chicago, which serves Region 4, did not feel any impact from the outage, he said. Part of the concern among federal regulators concerned the supplies of cash that would be available once the power outage ended. The other federal financial regulators, reported that most banks, including Federal Reserve banks were on back-up power on Friday and expected to be at business as usual by Monday, including having cash on hand for the ATMs.

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