As Hurricane Matthew, a Category Three storm, approaches Florida and the Eastern Seaboard of the U.S., the National Credit Union Administration (NCUA) has issued a warning to local credit unions to prepare for its expected arrival on Friday morning.
"We're reminding credit unions and their members to take the necessary precautions to stay safe,” said NCUA board chairman Rick Metsger in a statement. "Even if the storm loses strength, areas in its path should be ready for heavy rains, high winds and flooding. If they haven't already, credit unions should review their disaster recovery plans and be prepared for increased needs for member services.”
Metsger added that members should take steps in case public services and transportation are disrupted, including having cash on hand if their communities lose power and credit union branches and ATMs become unavailable.
The storm is expected to hit Florida first, before traveling northward to the Carolinas and beyond. The Tallahassee-based League of Southeastern Credit Unions (LSCU), which represents CUs in Florida and Alabama, has advised local institutions to notify the league of any storm-related closings. As of mid-day Wednesday, at least four credit unions had closed or were planning closings as a result of the oncoming storm, with some of those closings lasting at least through Friday.
The Carolinas Credit Union League said it is "fielding reports” of closings, with at least five CUs already closed or planning closings as of mid-day Wednesday. The league and its staff are preparing to support any local credit union facilities, staff, and volunteers affected by the storm.
In addition, The Carolinas Foundation noted it is prepared to distribute resources to disaster-stricken members of the credit union movement. It also is ready to receive contributions to the Disaster Relief Fund, which has provided more than $1.02 million in aid since its establishment in 1993.
Hurricane Matthew is the second storm to threaten the Carolinas in just over a month; Hurricane Hermine struck the coast in early September.
1,000-Mile Path?
NCUA noted that (as of Wednesday mid-afternoon) Matthew is currently located off the northern coast of Cuba, moving north and northwest. The hurricane is projected to pass "very close” to the central Florida coast late Thursday or early Friday and potentially make landfall in that area.
Also, hurricane-force winds and rain could affect coastal communities stretching 1,000 miles from Miami, Florida, all the way to Virginia Beach, Va., starting Thursday morning and lasting through Sunday afternoon.
The primary threats will be extreme winds, heavy, sustained rains with flooding and possible tornadoes, the agency warned. Storm surges up to fifteen feet or greater are possible in the immediate landfall area.
NCUA said it is "watching the storm closely,” that it will monitor the conditions of credit unions in Matthew's path, and that the agency will be ready to assist credit unions with maintaining or restoring operations, if necessary.
Matthew has already been blamed for at least five deaths and significant destruction in Haiti and carries winds of up to 120 miles per hour.
The governors of Florida, Georgia, South Carolina and North Carolina have declared emergencies, urged coastal residents to evacuate and activated or placed on alert thousands of National Guard soldiers.
