DES MOINES, Iowa—Massive flooding driven by torrential rains in this state have credit unions scrambling to assist members, with the credit unions themselves reporting that to date they have largely escaped serious damage, the Iowa Credit Union League told CUToday.info.
The high waters are primarily affecting the northwest and north-central regions of Iowa, reported Iowa Credit Union Foundation (ICUF) Executive Director Ena Babic Barnes.
“At the moment, the waters are impacting more than 20 credit unions that have locations, branches, services and members in these parts of Iowa,” Babic Barnes said. “With more than one-quarter of our state affected by the floods, we estimate the affects will be felt by members across the state more broadly in the coming days, leaving 1.5 million credit union members with significant needs that must be filled.”
Some Minor Damage
So far, there have not been reports of any credit unions being severely affected by floodwaters, but some of have experienced minor damage, such as water in their basements, Babic Barnes said.
“However, credit unions have been working diligently the last several days to keep their branches open and navigate how to best help and serve their members and their employees,” Babic Barnes said.
One of the biggest current challenges is credit union employees traveling to work and facing bridge and road closures, Babic Barnes noted.
In ‘Constant Communication’
Babic Barnes said the ICUF— the philanthropic arm of the Iowa Credit Union League—remains in “constant communication” with affected credit unions.
“We are providing support as credit unions assess the needs of their members and extend aid to the communities they serve,” she said. “Ongoing flooding requires daily reassessments of the situation. ICUF acknowledges the pivotal role credit unions play as community pillars, appreciating their efforts to aid members during this time of crisis.”
The ICUF manages a Disaster Relief Fund, offering small grants to credit union members in affected areas based on their financial needs, particularly if they are displaced from their homes or have suffered significant property damage, Babic Barnes added.
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