Sixty Percent of CU Members In Mississippi Impacted By Katrina, MCUA says

JACKSON, Miss. – The Mississippi Credit Union Association reported last week that 60% of the state’s credit unions, serving over 400,000 people were impacted by Hurricane Katrina. Of that 60%, about 40% of credit unions were without electricity and/or phone and data lines for four or more days. More than 125 Mississippi credit union employees have reported residences that were destroyed or are unlivable. “The issue of flood insurance and housing is tremendous,” said Charles Elliott, MCUA CEO. “Countless individuals and businesses across the Gulf Coast thought they were fully secured and insured. Their property was not in a flood plain and had never flooded, even in previous hurricanes. Now they have lost everything and are facing payments on a home or business that no longer exists.” The Mississippi Attorney General has filed suit against insurers writing coverage in Mississippi over their refusal to pay for storm surge damage, claiming that is in flood damage.