Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Some CUs report flood damages in Isaacs aftermath
MADISON, Wis. (8/31/12)--Early reports indicate that at least one credit union in Louisiana has suffered a major branch loss and seven others have reported minor losses due to the aftermath of Tropical Storm Isaac, which hit the Gulf Coast Tuesday as a Category 1 hurricane before being reduced to a tropical storm Wednesday afternoon.

"As of 4 p.m., Thursday, we received seven reported minor losses and one major flood loss to a credit union branch office," said CUNA Mutual Group Media Relations Manager Phil Tschudy.

"With the exception of the flood loss, and based on reports we've received so far, it appears Isaac caused few and minor losses for our credit union policyholders," Tschudy told News Now.

"Tropical Storm Isaac is expected to continue to track slowly inland through Louisiana and into Arkansas and Missouri, causing flash flooding and isolated tornadoes. CUNA Mutual Group remains most concerned with New Orleans and the surrounding area. Although many credit unions in the New Orleans area remain closed, we have contacted most and are making on-site visits to those we can not reach," he said.

In Florida and Alabama, all the credit unions that had reported closures were back open on Thursday, according to the League of Southeastern Credit Unions' website.

The Mississippi Credit Union Association's Facebook page provided a morning update:  "We've been in contact with numerous credit unions this morning and most importantly, no credit union personnel injuries have been reported at this time and we are all thankful for that blessing," said the posting. 

"However, since this is the storm that refuses to move along, specific credit union plans are fluid (forgive the pun) as they determine conditions in their specific community/area. Members are advised to contact their credit union or visit their credit union's website to determine operating hours for today," said MSCUA.

The Louisiana Credit Union League's website posted closings by 26 credit unions on Thursday.  Several credit unions planned to reopen today. They included LES FCU, Louisiana FCU and one branch of Shell N.O. FCU. The league remained closed Thursday, but staff continued to monitor phones and e-mail, said the site.

Louisiana Corporate CU, in a member communication Thursday on its website, noted its contingency communication plan remains in effect. "The main office will reopen when power is restored," the corporate said on its website. "We will post an update to this site when we have a definite time for reopening the main offices. All systems and services remain fully operational." It provided contingency numbers and instructions for credit unions and said that transaction requests may be entered on automated systems such as CorPower, CorpACH, EBP and so forth.

Isaac, instead of moving north, sat on the Gulf Coast and created severe flooding in of Louisiana. The National Hurricane Center predicted that the storm would drop up to 25 inches of rain in some areas.  As of mid-afternoon Thursday, the huge storm was still pouring rain in many parts of Mississippi and Louisiana, two days after it first made landfall near New Orleans at 6:45 p.m. ET Tuesday. States to the north were bracing to be next along the path of rough weather.
Other Resources

RSS print
News Now LiveWire
USFCU, Minn., hosts small business networking night. http://t.co/CBFHpJTFZe
3 hours ago
Number of @CUNA-certified fin. counselors hits 2,175 http://t.co/3fQGcdxyLO
4 hours ago
Jobless claims drop by 19,000 this week #Market #NewsNow http://t.co/LSqaYCsmX4
4 hours ago
#RBC draws letters from @SenatorBegich, @SenShelby to @TheNCUA See #NewsNow http://t.co/JvLBwkHwxF
6 hours ago
It's #summercamp with a financial literacy, #creditunion twist http://t.co/5eaps9ZoVB
7 hours ago