Disaster recovery

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.

The U.S. commonwealth has eight federally chartered credit unions, as well as a number of cooperativas, similar to state-chartered CUs.

Florida and Texas are normally major sources of mergers, but bankers in those states likely will take a break to assess damage from the hurricanes before returning to dealmaking.

Hurricane Irma reportedly impacted more than 100,000 credit union members in the region.

Bankers in Florida and Texas are dusting off their disaster-recovery playbooks, which focus on retrieving customers' valuables, ensuring employee safety and minimizing the bank's own legal exposure.

Banks could be busy supplying credit to manufacturers, hotels, multifamily developers and other businesses that will be helping residents get their lives back on track after two fierce storms.

Approximately two-thirds of the state's 136 credit unions suffered damage from high winds and flood waters, but CUs are reopening their doors to members and staff — though some are still without power and internet access.

As hurricanes wreaked havoc over the last couple of weeks, several banking-related narratives have emerged. Here is a look at those stories.

The hurricane was expected by many to deliver catastrophe. Instead, bankers are largely looking to restore power and confirm the status of employees.

Along with activating CUAid for Irma, an online community for credit union disaster-response efforts has also been launched.

The agency has earmarked all funds from a Hurricane Harvey recovery package for direct relief, despite calls to get more bankers involved in the process. It remains to be seen how the agency will handle the cleanup for Hurricane Irma.

Credit unions across the state are closed today, but the storm also brought out some of the best the industry has to offer.

Texas bankers recovering from Hurricane Harvey are reflecting on their experiences, identifying what went right and what they could do better. Their views could prove useful to Florida bankers hurriedly preparing for the nation's next big hurricane.

The credit union insurer is advising CUs in the southeastern U.S. on how they can best prep for the historic storm bearing down on South Florida.

Given the scale of damage to the region’s homes and cars, bankers are guarding against an expected spike in missed payments by extending loan terms, deferring payments and making other concessions.

Messaging services, mobile banking and remote deposit capture are expected to help Florida FIs that aim to keep up with employees and offer uninterrupted service to consumers.

Messaging services, mobile banking and remote deposit capture are expected to help Florida banks that aim to keep up with employees and offer uninterrupted service to customers.

Natural disasters like Hurricane Harvey reveal banks’ ability to lend a hand to communities in need, and to keep employees engaged and motivated for the initiatives that matter most.

Fast code changes and compliance approvals helped bank customers who couldn’t make it to a branch.