PONCE, Puerto Rico–Some financial cooperatives on this island are among those that have suffered physical damage as the result several earthquakes, including a 5.9 magnitude quake on Saturday morning, the epicenter of which was eight miles offshore.
Puerto Rico was earlier hit with a 6.4 magnitude quake and a 5.2 magnitude aftershock.
Credit union organizations in the mainland U.S., including NCUA, have been working to contact the financial co-ops and the seven federally insured credit unions in Puerto Rico to better assess the damage and the assistance needed.
Most of the damage has occurred in the southwest portions of the island, with heavy damage between Puerto Rico’s second largest city, Ponce, and its third largest, Mayaguez, according to Inclusiv.
“There are reports of fatalities and widespread damage to buildings, roads and other infrastructure,” said Pablo DeFilippi, SVP-membership and network engagement with Inclusiv, in an emailed statement. “Most of the island is without power as some sections of the electric grid – already highly vulnerable after Hurricane Maria – crumbled with the earthquakes. In addition, one of the island’s main power plants, which sits near the epicenter, suffered severe damage and authorities indicate that it could take more than a year to completely repair.”
100 Financial Co-Ops On Island
There are approximately 100 financial cooperatives and federally chartered credit unions in Puerto Rico, many of which are the only financial institutions serving rural areas, as CUToday.info has previously reported.
DeFilippi said Inclusiv has been reaching out to its member organizations, particularly in the southwest, to assess the situation and determine what type of help is most needed, and has been further closely coordinating with its partner, the Asociación de Ejecutivos de Cooperativas de Puerto Rico (ASEC).
“Most credit unions are operating on alternative power sources. Communications are challenging as cell phone towers were also damaged,” DeFilippi said.
What’s Been Reported to Date
As of its most recent report, Inclusiv said it had found:
- Yauco Coop reports damages to its facilities and to the homes of volunteers and employees
- Caribe Coop, located in Guyanilla, also suffered damages to its offices and to the homes of its employees
- Cabo Rojo Coop’s CEO Kerwin Morales reported damages to homes of employees as well
Inclusiv noted local authorities from Yauco and Guayanilla have asked the governor of Puerto Rico to distribute tents, bathrooms and meals to those with damage or lost homes or who are afraid to go back due to the aftershocks and frequent tremors. There are hundreds of people without a place to live in Guanica, Yauco, Guayanilla and Ponce, Inclusiv added.
Inclusiv reported the El San Juan Hotel, where the association plans to host its 2020 conference on May 4-6, has not been damaged, has full power and is operating as normal.
NCUA Offers Assistance
NCUA, meanwhile, said it stands ready to assist the seven federally insured CUs on the island.
“We are closely monitoring the aftermath of the recent earthquakes affecting Puerto Rico,” NCUA Chairman Rodney Hood said in a statement. “The NCUA stands ready to assist credit unions with their operational needs, if necessary. Credit unions and members can find more information and resources on the NCUA’s website.”
NCUA said its Office of Credit Union Resources and Expansion can provide urgent needs grants up to $7,500 to low-income credit unions that experience sudden costs to restore operations interrupted by the storm.