Currently Assessing Status of CDCUs Across Impacted Areas

(August 30, 2011 – New York, NY) The Federation has resumed operations at its Lower Manhattan headquarters following Hurricane Irene.  While the Federation’s offices saw no damage from the storm, some headquarters staff remain unable to commute to New York City from outlying suburbs. 

All of the Federation’s field staff in Madison, Wisconsin; Colorado Springs, Colorado; and San Francisco, CA are working as usual, and most headquarters staff are accessible by e-mail.  To contact any Federation staff, please click here.

Hurricane Irene marks the second natural disaster to strike the East Coast in less than a week.  New York City and much of the East Coast experienced an earthquake several days prior to the hurricane; in addition, Colorado Springs also experienced an earthquake.  However, Federation offices and operations were not damaged by any of these natural phenomena.

Given that many credit unions were forced to close their offices, the Federation has extended its deadline for investment application from member CDCUs by a week.  The original deadline was Friday, August 26, but has been extended to Friday, September 2.

While Most CDCUs Escape Unscathed, Some See Significant Damage

The Federation has been reaching out to member CDCUs, and while the majorityreport little or no damage, some have been affected.

Renaissance Community Development Credit Union (Somerset, NJ) is among those damaged by Hurricane Irene.  Renaissance CDCU CEO Shirley Spruill reported that the credit union is without power, phone services, or internet access.  “We have not been given a time when we can expect these services will be restored,” she said. “As a result we may not be able to answer members on a timely basis.”

In Vermont, where widespread damage to roads and bridges across the state was caused by massive flooding, Opportunities Credit Union (Burlington, VT) has reported that the credit union facilities were not affected directly, but many members have been displaced due to flooding.  The credit union is already considering using the HUD Title 1 program, which provides 90% loan guarantees for home repairs (up to $7,500 with no collateral and $25,000 with collateral), to assist members in the many which will undoubtedly be in need.

“We don’t know the status of all CDCUs in the affected areas at this time, but are contacting members to determine which institutions have been damaged, and to what extent,” said Federation President/CEO Cliff Rosenthal.

Given that many credit unions were forced to close their offices, the Federation has extended its deadline for investment application from member CDCUs by a week.  The original deadline was Friday, August 26, but has been extended to Friday, September 2.

© 2011 National Federation of Community Development Credit Unions.