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Credit unions restore service as peers donate $150k for staff, volunteer recovery from Florence

Thursday, September 27, 2018   (0 Comments)
Posted by: Carolinas Credit Union League
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Donations to the Carolinas Credit Union Foundation Disaster Relief Fund already are making a difference in the lives of hurricane-affected credit union staff and volunteers. [Click image to view larger.]

Columbia, SC and Raleigh, NC--Two weeks removed from the arrival of Hurricane Florence, Carolinas credit unions have returned branches to normal business hours and are offering support to members, while the Carolinas Credit Union Foundation has distributed just over $51,550 in Quick Impact Grants among storm-affected staff and volunteers.

The storm's impact may yet rise as flooding progresses downriver and toward the coast, particularly in South Carolina's Pee Dee region.

Ongoing response to staff and volunteer need will be supported by more than $150,000 in system and individual contributions to the Carolinas Credit Union Foundation Disaster Relief Fund, according to Foundation President Lauren Whaley.

Through its disaster relief grants program, the Carolinas Credit Union Foundation already has processed 107 applications, providing Quick Impact Grants of up to $500 per affected household. A number of employees have lost their homes according to Whaley, who expects more applications in time. The Foundation will distribute additional grants of up to $1,500 in Phase II Grants that are processed beyond the 30 days immediately following a disaster.

"Yet again, we are seeing and living our unique 'People Helping People' philosophy," Whaley said of system response and the opportunity to help. "We have numerous heartwarming notes from Quick Impact Grant recipients so grateful for what we've been able to provide. Each and every contributor is making a difference in the lives of our peers, who work hard to do the same for members."

The Carolinas Foundation invites further contributions to the Disaster Relief Fund, which since its establishment has provided more than $2 million in aid to the local, national, and international credit union communities. Any donation collected is disbursed dollar-for-dollar to aid in disaster recovery.




Other System Support

The National Credit Union Foundation has involved the entire credit union community in financial support for storm-stricken credit unions and individuals by activating CUAid.

CUNA Mutual Group's response team kept close contact with Carolinas credit unions to assess damage and support claims reporting.

The National Credit Union Administration offers a hurricane information webpage, and is ready to assist with maintaining or restoring operations and can provide urgent-needs grants of up to $7,500 to low-income credit unions that experience sudden costs for service restoration.

Also, the NCUA and other federal and state regulators joined in an interagency guidance to clarify supervisory practices on relevant matters such as lending, temporary facilities, and regulatory reporting.



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Impact Reports
As of 1:40 pm Thursday, September 27

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Carolina Trust FCU (Myrtle Beach) has reopened its Conway branch and advised members it is available as roads are opened. The credit union is offering a member disaster recovery personal loan.

Local Government FCU has returned to normal operations at all branches. On Friday, 9/21 it collected donations for individuals still recovering from the storm. Through its website, LGFCU suggests action steps for those affected and notes its available methods of member support.

Marine Federal (Jacksonville, NC) is open at all branches and is offering a Hurricane Assistance Line, plus specifics for members who have mortgages through the credit union.

SECU is fully functional at all locations. Its guidance for affected members includes notes on insurance claims, federal assistance, and scams. See full details.

Vision Financial FCU is open for regular hours of service at all branches.

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