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Catalyst Corporate Provides Donation and Operational Assistance to Credit Unions Affected by Hurricane
Wednesday, August 30, 2017 6:35 AM

Hurricane and Tropical Storm Harvey have already ravaged more than 150 credit unions along the Texas Gulf Coast, according to the NCUA. Weather reports indicate that credit unions in Louisiana, Arkansas, and additional states may eventually feel the brunt of the storm’s torrential rains.

Although the situation is still evolving, Catalyst Corporate is taking immediate action to assist credit unions in the affected region through an initial donation of $50,000 to the National Credit Union Foundation’s CUAid disaster relief program.

“Our hearts go out to credit union employees, their families, credit union volunteers and members in the area who have experienced such devastation,” said Catalyst Corporate President and Chief Executive Officer Kathy Garner. “We know their needs are great and from everything we’ve heard, will continue to grow. We will monitor the situation through the next few days, keeping an eye on credit unions in our neighboring states.”

Cornerstone Credit Union Foundation is coordinating distribution of the CUAid funds in the disaster area in South Texas. Foundation Executive Director Courtney Moran expressed her high expectations of the credit union community. “The Cornerstone Credit Union Foundation is overwhelmed by the outpouring of support from the credit union community across the country. I must say, though, that I am not surprised. This is truly the ‘people helping people’ philosophy in action. The monetary support we receive will not only assist credit union staff and board members with critical immediate needs, but will continue to help them rebuild for months to come.”

To assist credit unions in the area, Catalyst Corporate has also extended its daily share draft return deadline to 7 p.m. Central Time through Friday, Sept. 1.

For additional storm-related announcements, Catalyst Corporate has set up a special information page on its website. Credit unions experiencing operational challenges because of the storm may contact Member Services at 800-442-5763, option 1, or email HarveyHelp@catalystcorp.org.

Catalyst Corporate Federal Credit Union is a wholesale cooperative financial institution serving more than 1,400 member and client credit unions in all 50 states. Since 1975, Catalyst Corporate has been providing credit unions efficient and competitively priced core financial services, including payments and technology services, liquidity and member credit services and balance sheet management and investment services, as well as industry-leading back-office support.