Velera headquarters in St. Petersburg, Fla.
Credit/Velera
From a tropical storm to a massive Category 5 hurricane in just hours, the credit union industry is again on high alert as Hurricane Milton is forecasted to hit the Gulf Coast of Florida Wednesday night.
The powerful storm forecasted comes days after the historic and deadly Hurricane Helene, which claimed the lives of more than 200 people from Florida to North Carolina. Currently, hundreds-of-thousands in Helene's path remain without power.
People living along the hundreds of miles of coastline running north and south of Tampa, Fla., are currently being told to evacuate by state officials. According to Florida's Division of Emergency Management, they are preparing for the largest evacuation since Hurricane Irma in 2017.
Headquartered in the path of Hurricane Milton is the country's largest CUSO, Velera, in St. Petersburg, Fla. The city sits on a peninsula just to the southwest of downtown Tampa. According to the National Hurricane Center, the Tampa Bay area is forecasted to potentially see a storm surge of 8-12 feet and rainfall upwards of 10-12 inches.
Ahead of the storm, officials at Velera on Monday activated the CUSO's business continuity plan and distributed a communication to its member credit unions assuring them that Velera was actively monitoring Hurricane Milton and preparing "for the storm's potential impact on our credit unions in these areas."
The statement read, "Velera remains fully operational. Our credit unions can expect business as usual at this time as we leverage our hybrid/remote workforce alongside our business continuity measures. Additionally, our data centers are located remotely in other areas of the country, and no significant business impacts are expected.
"Our teams remain fully committed to the credit union philosophy of 'people helping people,' especially when unplanned circumstances impact our credit unions' ability to sustain their normal operational models. We are standing ready to address the needs of members whose credit unions may have to close to ensure their employees' safety."
The statement from Velera added, "With agents located remotely throughout the country, Velera's Contact Center Services & Solutions team is committed to delivering the highest levels of support possible. Please be aware that call volume normally handled by impacted credit unions may be shifted to Velera's contact centers. We will do everything possible to accommodate all of our Owners who require Velera's assistance."
A spokesperson from Velera said they will provide any updates over the next few days.
In August 2023, Velera, then PSCU, closed its headquarters in preparation for Hurricane Idalia. That hurricane was a Category 4 storm that caused significant damage especially in the northern part of Florida.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
