Disaster recovery

The long-term recovery for thousands of Texans whose homes were decimated by Hurricane Harvey rests with a Trump administration government outsider who wants his agency's budget cut by billions of dollars.

Brent Cockerham of Moody National Bank ferried stranded residents to safety in Friendswood, Texas, one of the communities hit hardest by the storm.

The Houston company doesn't expect any material impact on its commercial-and-industrial book, though there is potential risk tied to residential mortgages. Management, meanwhile, has started rolling out programs to help customers recover.

More than $355,000 has been donated by CU stakeholders from across the country, with more to come.

The agency has a relatively new program designed to quickly get funds into disaster-stricken areas. The problem is that many bankers don't know it exists.

CUs, foundations and other industry stakeholders are stepping up to assist those impacted by the massive flooding taking place across Texas and Louisiana.

Several banks and industry groups are pledging money to help bankers and their clients recover from the hurricane and its aftermath.

Their immediate effort is to ensure colleagues and clients are safe and that banking services are available to hurricane victims. The next big issue is preparing for the financial hit banks and customers will take from wind and water damage.

From the National Guard to teams from the state league, CUNA Mutual Group and the National CU Foundation, credit unions in the beleaguered Houston area are assessing the damage from the storm.

With Hurricane Harvey rapidly making its way toward the Texas coast, lenders and servicers have activated business continuity plans to accommodate pending transactions and provide options and support to existing borrowers affected by the storm.