DUBUQUE, Iowa — Iowa credit unions, assessing the economic fallout from property damage and job loss on loan portfolios from the calamitous flooding, have started touching base with their Louisiana and Mississippi counterparts for 'Katrina' guidance, the vice chairman of the Iowa Credit Union League said Thursday.
"We're in a quick learning curve so we can know the intricacies and best practices of dealing with FEMA and the other agencies to help our members," said Joe Hearn, who also is executive vice president of Dupaco Community CU here.
The Iowa industry is coming to realize the scope of the disaster as perhaps hundreds of members have lost homes or suffered extensive damage in addition to losing their jobs in communities like Cedar Rapids, with a flooded downtown and many plants closed.
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"Quaker Oats is still closed and they are a huge employer," said Hearn citing the Cedar Rapids firm with its major operations on the Cedar River.
As for Katrina assistance, the Iowa League board Thursday conducted a conference call with representatives of the Louisiana and Mississippi leagues to "start developing our education program to help determine how the process works" on emergency relief.
"We will need to hear from our members on what they need and will be working with them on a case by case basis," said Hearn noting that scores of CUs across the state have already been quick to defer loan payments and offer special deals for victims.
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