MADISON, Wis. – The World Council of Credit Unions and the National Credit Union Foundation have both announced efforts to help credit union employees and members hit hard by hurricanes in Puerto Rico and the Caribbean.
WOCCU said credit unions and their members have suffered significant loss. There are more than 100,000 credit union members in Anguilla, Barbuda, Tortola and St. Kitts and Nevis. Unofficial estimates from World Council member Caribbean Confederation of Credit Unions indicate that approximately US$1.9 billion may be required for reconstruction in these countries.
The World Council said it is providing immediate relief to support rebuilding efforts.
“It is through these difficult times that our global community comes together to show its strength and reach beyond borders to help those in need,” said Brian Branch, World Council president and CEO urging credit union leaders to offer their financial support in providing relief to those impacted by Hurricane Irma and Maria.
Meanwhile, the National Credit Union Foundation (the Foundation) said it is now accepting donations through the online disaster relief system CUAid.coop to raise money for credit union people affected by Hurricane Maria. Credit union supporters in every state can make donations to the General Disaster Relief Fund at cuaid.coop.
“Based on news reports and limited communication with credit union staff in Puerto Rico, the situation is truly dire,” said Foundation Communications Director Christopher Morris. “With CUAid now actively assisting credit union people affected by three large-scale disasters, we are now directing people to donate to the Foundation’s General Disaster Relief Fund, which will allow us the flexibility to direct dollars to wherever they are needed most on an ongoing basis.”
Donations to the Foundation’s General Disaster Relief Fund will be used for any credit union employees and volunteers affected by Hurricane Maria, Hurricane Irma and Tropical Storm Harvey.
NY CU Foundation is Partner
To distribute funds to credit union people in Puerto Rico, the Foundation said it will coordinate with the New York Credit Union Foundation. A number of credit unions on the island are members of the New York Credit Union Association through the partnership programs facilitated by the World Council of Credit Unions.
According to the Foundation, more than 10,000 credit union staff and volunteers are potentially affected by these three disasters. In fact, the Cornerstone Credit Union Foundation has already distributed 1,090 “Phase I/Critical Needs” grants totaling $990,000, the NCUF said.
“While the movement has already raised an impressive $1.8 million collectively to help credit union people, the recovery effort in all areas affected is expected to take months,” said Gigi Hyland, Foundation Executive Director. “Your continued donations will make a tremendous impact in helping people put their lives back together. The resounding support thus far is a shining example of the credit union philosophy of ‘people helping people’.”
One-hundred percent of the donations through CUAid goes to credit union disaster relief. The Foundation does not use disaster relief funds to pay for the CUAid.coop web platform or any of the Foundation costs to administer the national disaster relief program for credit unions. In the event that any donations to the "General Disaster Relief Fund" are not used for Hurricane Maria, Hurricane Irma and Tropical Storm Harvey, the funds will be used for any future credit union disaster relief efforts.