Velera Activates Its ‘Business Continuity Plan’ Ahead of Hurricane Milton
The CUSO notifies member credit unions of steps it’s taking to ensure full operation.
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.