NEW YORK -- Hurricane Sandy continues to have a widespread effect on credit union operations across the Midatlantic, New York and New England regions, with an untold number of credit unions shuttering offices and directing members to use online and mobile applications for service wherever available. Numerous credit unions have also indicated they will announce emergency loan programs for affected members once the storm passes.
* NCUA’s offices in Alexandria, Va. remain closed. The agency has activated its National Continuity of Operations Plan. It is also reminding Low Income Credit Unions that Urgent Needs Grants are available to provide assistance in continuing service should it be interrupted by the storm.
* CO-OP Member Center and CO-OP Shared Branching, both units of Rancho Cucamonga, Calif.-based CO-OP Financial Services, reported yesterday that it was working with numerous client credit unions in the affected states that had closed their offices to handle member and lending call center services.
Craig Beach, president/COO of CUSC, part of CO-OP Shared Branching, said the company’s network services team was prepared to assist any CUs required to move to off-site back up facilities that have arrangements with CO-OP Shared Branching for disaster recovery services. In addition, online locators are available to help members find alternative locations if needed.
* In Westbrook, Maine, the Maine CU League and its subsidiary, Synergent, said its facility was staffed overnight by members of its Operations, Facilities and Incident Management teams to monitor the facility and systems for any effects from Hurricane Sandy. With the expectation there will be widespread power outages, the Service Center reminded that it has fully redundant energy generation systems and can operate indefinitely in the event of a loss of electricity.
* CoreLogic has released an analysis estimating that in the seven-state region being hit hardest by Hurricane Sandy, approximately $88-billion in residential properties are at risk from a Category 1 hurricane. Irvine, Calif.- based CoreLogic said that of the 25 zip codes it analyzed in New York City-Northern New Jersey-Long Island, the town of Massepequa on the South Shore of Long Island has the greatest number of structures at risk, with approximately $4.6-billion in value. Overall, New York has $35 billion in property at risk, it said, followed by New jersey with $22 billion and Virginia with $11 billion.
* In Harrisburg, Penn., the Pennsylvania CU Association’s offices remain closed for a second day. The governor has also ordered all state offices closed for non-essential employees.
