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July 21, 2008 - The Iowa Department of Commerce held two meetings recently with credit union officials in the areas most significantly impacted by the severe floods of early June. More than 40 credit union officials participated in each meeting.
Soon after the flooding, Jim Forney, director of the Iowa Department of Commerce, met with all 14 area credit unions impacted by the floods for an information sharing session. The meeting, held in Cedar Rapids, helped the agency understand the credit unions’ recovery needs and what assistance the agency could provide to the institutions.
Another meeting was held on July 8 with officials from the Federal Emergency Management Agency (FEMA) and the Small Business Administration (SBA). FEMA and SBA explained their roles in the flood recovery process and what resources are available to affected businesses and individuals. At the meeting, the state agency and credit union officials discussed what credit unions can do to assist their members in the recovery process.
The agency reported to NASCUS on July 17 that three credit union branches (two in Cedar Rapids and one in Iowa City) are still closed due to the flooding, but that all members are being serviced by other offices in the area.
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