Guest Opinion: Where Do CUSOs Go From Here?
The year 2012 produced highs and lows.
From Team USA winning 104 medals in the 2012 Summer Olympics, of which 46 were gold – more than any non-boycotted Olympics since 1904 – to the mega-disaster of super storm Sandy and the huge swath of destruction it caused in the northeastern U.S.
Beyond the unimaginable costs from Hurricane Sandy with damage estimates ranging from $60 to $80 billion, of the 2,000 credit unions located in the path of the storm, 838 or 42% were unable to operate to varying degrees in the difficult days that followed landfall on Oct. 29. A week after the devastation occurred, 729 of the 838 credit unions were again fully operational. They opened not without some scars, including frustrated members who were unable to access their accounts, cash and direct deposits.
Good 2012 lessons to carry into 2013
Well-prepared credit unions that had solid backup recovery operations and proven back-up call centers were able to continue to serve their members. Because of the stark differences in member experiences following Sandy, you can expect the NCUA will look at disaster recovery plans much more rigorously.
Fortunately, as has been the case in several past natural disasters, CUSOs are available to help you. CUSOs have helped keep systems up and running for credit unions in Sandy’s path. Others provided call center back up and disaster recovery for credit unions in New York and New Jersey. Two of the industry’s largest CUSOs were also on the forefront with comprehensive call center services.
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