D.C.-area Shutters Doors and Windows to Ride Out Hurricane Isabel

WASHINGTON-Many Washington, D.C.-area based credit union organizations and Congress were shut down at deadline as Hurricane Isabel touched down in North Carolina and raced up the Mid-Atlantic region. In deference to the hurricane bearing down on the D.C.-area Thursday, the NCUA Board decided to cancel its meeting scheduled for Sept. 18. Instead, the meeting will take place Wednesday, Sept. 24. The board had previously announced that it would postpone the meeting if the federal government shut down its Washington, D.C.-area offices, which it did. In a statement, Dollar said that the board and senior managers met daily last week to monitor the status of the storm. In addition to the potential impact on the board meeting, the agency was also concerned with preparing for monitoring of Isabel’s impact and credit union’s needs in its path. “We recognize the dangerous nature of this storm and we have planned for every contingency that can be foreseen,” Chairman Dollar said. “NCUA has always been available to work with credit unions that are negatively impacted by natural disasters, and we continue to find credit unions are well prepared with their contingency planning.” NCUA was not the only credit union group high-tailing it out of Isabel’s path. CUNA, NAFCU and NASCUS also announced that they would follow the federal government and closed their offices. CUNA has already said it plans to close Friday as well. Lawmakers were also reportedly getting out of town early last Thursday after a very brief session. As a result, the Senate Banking Committee mark up of a bill regarding identity theft and to reauthorize preemptions in the Fair Credit Reporting Act, proposed by Committee Chairman Richard Shelby (R-Ala.), has been postponed. It has been rescheduled for Tuesday, Sept. 23. The Senate Finance Committee did make time last Wednesday to pass the National Employees’ Savings and Trust Equity Guarantee Act, similar to the Portman-Cardin bill (H.R. 1776) in the House. The bill extends the contribution increases for 401(k)s and Individual Retirement Accounts. [email protected]