Disaster recovery

Credit unions in both states have prepped offers for consumers who need to rehab their homes following this summer's hurricanes, but there are hurdles ahead, including rising competition and stringent regulations.

The devastation and loss credit unions saw following Hurricanes Harvey, Irma and Maria should be a wake call for all financial institutions to have respective disaster recovery plans in place, but oddly the opposite sometimes holds true.

Chief among the credit union’s aid efforts are low- and no-interest loans, and initiatives in concert with other area service providers.

Debbie Meekins is running First Community Bank in Santa Rosa while simultaneously taking steps to rebuild her own life after her home of 19 years went up in flames.

Recent hurricanes and wildfires still raging in California are fresh reminders to bankers of the importance of emergency preparedness plans.

CU supporters nationwide can made donations to CUAid, with all funds are going towards credit unions in California and other areas damaged by natural disasters.

The California Credit Union League is setting up relief efforts via CUAid through the NCUF

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

The Federal Reserve's nationwide preparedness plan for cash emergencies is being put to a unique test in Puerto Rico. Stocks are being replenished with daily flights, but the lack of power to ATMs and branches is contributing to reports of cash shortages.

A partnership between the National Credit Union Foundatoin and the New York Credit Union Foundation will also aid CU members and employees in Puerto Rico.