With cleanup efforts beginning to get underway and many communities still experiencing heavy flooding along the Gulf Coast in the wake of Hurricane Harvey, American Bankers Association SVP Doug Johnson discussed the status of the banking industry today on CNBC’s “Closing Bell.” An estimated 1,000 bank branches have been affected by the hurricane.
“Right now, customers need cash,” Johnson said. “All the Federal Reserve offices in close proximity to the affected area are open and cash is being directed to those ATMs that are functional.” He added that many banks are waiving ATM and other fees for customers in affected areas, and that others have stepped up to help open mobile branches to help customers access banking services. “Of course, it’s all about getting branches operational,” Johnson said.
ABA President and CEO Rob Nichols yesterday called on bankers to join ABA in supporting the response to Hurricane Harvey, inviting them to make a tax-exempt contribution to the Hurricane Harvey Relief Fund set up by the Texas Bankers Association and the Independent Bankers Association of Texas. The association and its subsidiaries will contribute $100,000 to the fund, which will provide relief for people displaced by the storm, including bank employees and their families.
As the recovery efforts continue, bankers can continue to find updates and other resources related to Hurricane Harvey on aba.com.