The storm passed two days ago and the devastation is such that industry leaders in New York and New Jersey are still unsure how bad things really are.
“I can't believe the extent of damage on the shore. It is devastating,” Paul Gentile, president/CEO of the New Jersey Credit Union League said Wednesday in an email.
- SANDY NEWS: Oct. 31, 2012 NCUF Activates CUAid
- SANDY NEWS: Oct. 31, 2012 NYC Credit Unions Reeling, React
- SANDY NEWS: Oct. 31, 2012 McGraw-Hill FCU Opens in Aftermath
“Our CUs are starting to make contact and we will be providing a status update soon,” Gentile said. “Many CUs are posting ACH and share drafts remotely. No power, lack of gas and blocked roads are the main obstacles to doing business.”
Gentile said the league's office in Hightstown remains closed and the league is continuing to operate in biz continuity mode.
That experience is much the same for the Credit Union Association of New York.
“All I can say at this point is that our member services team is continuing to call all credit unions on Long Island, in the boroughs of New York City and Westchester and Rockland counties to assess the level of impact,” said CUANY spokesman Bonnie Sklar.
“We will also be documenting the level of resources needed. Given the continued state of emergency in those areas, it's going to be a few days before we have a complete assessment,” Sklar said.
“Not surprisingly, we are starting to hear from credit unions in non-effected areas asking how they can help,” she said.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
