DALLAS–Credit unions and CU organizations across the country have closed offices or announced limited hours as the result of a winter storm and record cold that has led to widespread power outages, dangerous travel and other threats.
But the storm’s effects have been muted to some degree by the coronavirus pandemic, which has many employees working from home and members accustomed to using electronic services in place of visiting branches—assuming they have electricity. Yet it has also been exacerbated for some, who lack the kinds of backup power generation capability many of their employers have in place.
In Texas, failures by the state’s power grid had at one point left more than four-million people without power. Power outages were also reported in other parts of the country.
The Cornerstone CU League said on its website it had closed its offices, and urged people to “stay safe and warm.” The Cornerstone League serves credit unions in Texas, Oklahoma and Arkansas, all of which have seen large amounts of snow and cold temperatures not seen in decades.
Widespread Cold
The breadth of the winter cold was also record breaking. In Oregon, Cutting Edge Credit Union said its Milwaukie branch was closed due to power outages. In Chicago, NuMark Credit Union said two of its branches would open late. Also in Illinois, Scott Credit Union said its office in Columbia would close, although other facilities were open.
And in Missouri, Service 1 FCU said its Neosho, Mo. office was operating with limited hours.
Those closures and many others were announced by credit unions using Twitter and other media.
For credit unions, the record-breaking cold and chill will likely lead to an increase in applications for home equity loans as members seek to upgrade everything from insulation to heating systems to, in some cases, backup generators.