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League Surveys CU Disaster Plans

HARAHAN, La.-After Hurricane Katrina destroyed its own office last year, the Louisiana CU League vowed it would update its own disaster recovery plans.

Indeed, one of the strange lessons learned: don't forget to pack an office survival kit-with things like pens, staples, rubberbands, folders, so there is no need to waste precious time and resources buying office supplies.

As part of its efforts to update its own disaster recovery plan, the Louisiana League is surveying its member credit unions to learn more about their disaster recovery plans and how the league can help them when disaster strikes.

In addition to asking for primary contact information for officials at each credit union, and where each CUs' alternate operation sites are, the league also sought the following information:

* Who does your data processing? If in-house, who will handle remote DP in the event of a disaster?

* Under what disaster criteria would you close your credit union? (Example: Category 3 or higher hurricane expected to make landfall within 48 hours, a fire at your sponsor group, etc.)

* Do you participate in the shared branching network?

The league also asked what other information the credit union thought it would be helpful for the league to have.

PCCU Offers Flood Loan Program

BIDDEFORD, Maine-Hurricanes aren't the only disasters credit unions have to deal with. In response to record rain fall that brought significant flooding to homes in parts of York County, Maine, at least two credit unions have introduced special loan programs to assist residents whose homes were damaged in the flooding.

Northeast Credit Union and PeoplesChoice Credit Union both have created flood relief loan programs. Additionally, the Maine CU League reported the state's credit unions have sent a $1,000 contribution to the local Red Cross.

PCCU's new program features a special 5.9% APR with a five-year term and allows individuals to borrow up to $20,000 to pay for damages and repairs as a result of the flooding.

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