Natural disasters

President Joe Biden called on Congress to return to Washington to make sure Small Business Administration loans don't run out after Hurricanes Milton and Helene devastated large swaths of the Southeast.

As CEO, Gary Fukuroku has helped turn the Hawaiian-based institution into one of the largest in the state and has raised significant funds to help those affected by this year's wildfires.

Storms earlier this month crippled local communities in the Green Mountain state. Banks, which have had to close branches or open alternative ones, are offering flexible loan repayment options and working with municipalities to finance the rebuilding of infrastructure.

Banks in Louisiana and Mississippi are finding less physical branch damage than many expected. Executives say the pace of the recovery will hinge on how quickly power and water are restored, as well as the cost of supplies and labor.

From delivering water door to door to turning offices into shelters, bankers in the state have adapted their hurricane-response plans to offer customers and employees relief from the past week's snow emergency and power outages.

A severe cold snap in the state has tested financial institutions unaccustomed to such weather-related disruption.

Branches in the Gulf Coast region largely avoided massive flooding. Now bankers must assess the impact on employees and customers.

The agency said national banks could close offices “at their discretion” as a safety precaution if they are affected by fires in California and Colorado.

The account would complement the existing Community Development Financial Institutions Fund and could be replenished annually if banks and credit unions use the funds to help when natural disasters and other crises occur.

From natural disasters to pandemics, the best business-continuity strategy may simply be to ensure you have a strategy.