By Sarah Snell Cooke, Principal, Cooke Consulting Solutions

When disaster strikes, everyone affected tends to get more self-involved. What about my home? My family? My job? These terrible situations one in which credit unions can differentiate by helping members cope.

Having a disaster recovery and business continuity plan in place to serve members is elementary. But credit unions have a legacy of going above and beyond and social disaster recovery aligns with their mission to serve their members, especially in their time of need.

Susan Mitchell, CEO of Mitchell, Stankovic & Associates wrote in a recent opinion piece for CUTimes.com, “Social disasters can be so intrusive, widespread and damaging to an area, they can alter the face of the community radically for potentially longer than a few weeks or even months. Think 9/11. Think Katrina, Harvey and Irma. Think Las Vegas and school shootings. Think California wildfires.

Joe Schroeder, CEO of Ventura County Credit Union, encouraged employees and other consumers to shop local, as did the credit union, in the wake of the California wild fires that destroyed thousands of homes and more than 150 businesses. Spurring local economic growth is crucial to keeping the community and its residents afloat. Schroeder recently spoke on disaster recovery at the Underground Collision in Washington, D.C.

The Underground is working diligently on social disaster recovery plans for credit unions. Click here to learn more about the Underground.

So, did Lynn Heckler, PSCU’s chief talent officer and member of the disaster recovery team there. Small businesses are the heart of most communities and getting them up and running after catastrophic event is critical to returning vibrancy to a community. More credit unions should consider getting involved in business lending, which is good for its business anytime but also critical during crises. Help the community rebuild by lending to re-stock auto dealers, construction and other businesses’ inventory so employees can get back to working again.

Redwood Credit Union President/CEO Brett Martinez said of the California wildfires, “We’ve been affected in every way imaginable, and probably some you can’t imagine.” About 150 credit union employees were evacuated from their homes. The credit union stepped up and put employees in hotels, bought them food, and even provided a temporary daycare for employees while schools were shut down a few weeks.

Schroeder added, “Having a plan is table stakes, but it must be communicated well. If you’re steady at the top, and unemotional but caring, employees will adapt.”

But what more can credit unions do to help employees and their members adapt?

Credit unions have at their fingertips more communication power than ever. Prepare and implement a phone tree, alert software and check-in safety buttons similar to Facebook’s. Update practices to reach members, staff, volunteers and their relatives. Activate emergency technology and communication tools for the benefit of the community.

Extend employee assistance programs to members. Many include health advocacy ranging anywhere from grief counseling to basic health information to billing issues. The plan may also cover financial counseling and limited legal services. These may be helpful in the wake of a disaster.

Click here to learn more about the Underground. We walk the talk!

Prepare and engage your credit union’s volunteers to assist members in the chaos. What special talents and services can they provide to help get the community back to normal faster?

And the one thing that credit unions do better than any other business sector: collaborate. Engage with the schools, city staff, country resources and other community service providers before disasters strike. Be on call! Redwood CU has an existing 501(c)(3) for ongoing financial literacy efforts, but it’s bulked up for major disasters. RCU is partnered with California Senator Mike McGuire and the local paper, The Press Democrat, to coordinate disaster relief for the community, and RCU’s website includes useful content such as check distribution information, fire recovery data, mortgage loan FAQs and other relevant resources. 

Credit unions were founded upon the principle of people helping people at a time when banks didn’t serve the average person. That access to service raised up the financial lives of many individuals and, therefore, their communities. The same holds true for modern consumers in both short and long-term social crises. Credit unions have moved beyond those humble roots, but service and collaboration are still at the heart of credit unions’ philosophy. Social disaster recovery must be a part of that.