Blown away: Dealing with a disaster

first_img continue reading » Hurricane Dorian ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrcenter_img As Hurricane Dorian makes its way up the east coast, I have decided to dedicate today’s blog to an issue many credit unions are concerned with: what to do during a hurricane or other disaster.One important task to complete in the days leading up to or immediately after a disaster-related closure is to notify NCUA. Section 748.1 of NCUA’s rules and regulations requires all federally-insured credit unions to notify the regional director within 5 business days of the disaster. A disaster is any event that causes physical damage to the credit union or is expected to cause an interruption in vital member services projected to last more than two consecutive business days. Vital member services include account inquiries, withdrawals and deposits and loan payments and disbursements. For many credit unions, one or more of these services may be affected by an office closure due to a hurricane.NCUA has explained that it expects credit unions to have procedures in place to be able to communicate with NCUA about disasters affecting the credit union. NCUA has emphasized that its field staff need the following information from the credit union in the case of a disaster-related closure:last_img read more

Richard Branson seeking buyer for Virgin Atlantic: Telegraph

first_imgRichard Branson is seeking a buyer for Virgin Atlantic Airways as he struggles to secure a 500 million pound ($618 million) government bailout, the Telegraph reported.Branson has set an end-of-May deadline to save the UK airline from collapse and is focused on securing new private investment from more than 100 financial institutions, the newspaper quoted people familiar as saying.“Houlihan Lokey has been appointed to assist the process, focusing on private-sector funding,” a Virgin Atlantic spokeswoman said. “Discussions with a number of stakeholders continue and are constructive, meanwhile the airline remains in a stable position.” Virgin’s application for government aid has effectively been shelved, though negotiations could be revived if investment can’t be found elsewhere, the newspaper reported.About 50 investors have asked for information and they will be narrowed down to a handful of bidders, according to the report. Centerbridge Partners, Cerberus Capital Management, Lansdowne Partners, Singapore sovereign wealth fund Temasek and Northill Capital are among those in the running.Delta Air Lines, which owns a 49 percent stake in Virgin Atlantic and is consumed with its own pandemic-related problems, has already bumped up against U.K. limits on foreign airline ownership, the US company’s chief executive officer, Ed Bastian, said Thursday.Branson, 69, has become the highest-profile victim of an airline-industry crisis that’s only just getting started. Virgin Australia, another carrier he founded, entered administration last week after failing to obtain a state bailout.Topics :last_img read more