Flood-Prone Mississippi CUs Doing Right Thing, Says Regulator
Mississippi credit unions in the flood zones appear to be “taking the right cautionary steps” to prepare for potential damage, but the big worry will be loan requests from members suffering financial losses, and that could come a month later or sooner, the state’s top CU regulator said Thursday.
“Many of the credit unions along the Mississippi River–say in Vicksburg and Natchez–are in the higher bluffs so they appear to be out of danger,” said John Allison, commissioner of financial institutions.
The $152 million Mutual CU of Vicksburg “has already moved backup documents” to higher ground in the event of rising water, said Allison, with the CU reporting it is in no danger.
Meanwhile, the $44 million HealthNet FCU of Cordova, Tenn. said it is continuing this week with a phone campaign to contact 500 of its 6,400 impacted members to let them know “we want to assist with financial needs where possible.” The CU said it is making calls “to reach out to our members” in a time of crisis, with calls made in the Memphis area as well as to other cities in Tennessee, Arkansas and Mississippi. So far, “most of our members seem to be ok,” said William A. Whitten, vice president.
Elsewhere, Pen Air FCU of Pensacola, Fla. said it is continuing its collection of needed supplies for northern Alabama victims of the April 27 tornadoes. “There are areas in northern Alabama that have seen very little assistance, with many remaining without electricity for another two weeks,” said Pen Air’s CEO Ron Fields, noting that the items requested by emergency personnel have ranged from bottled water to handheld can openers.
“It makes me proud that Pen Air’s members and employees have always been generous when they are needed and this unfortunate situation is no exception,” said Fields.