ABA Banking Journal
No Result
View All Result
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive
SUBSCRIBE
ABA Banking Journal
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive
No Result
View All Result
No Result
View All Result
ADVERTISEMENT
Home Retail and Marketing

A Source of Unity in Times of Trouble

September 5, 2017
Reading Time: 3 mins read

By Bryan Clagett

At times, current events can become so overwhelming that it’s easy to forget how much strength we have when we come together. But right now, America’s banks have an unprecedented opportunity to show the nation what we truly stand for—if we unite as an industry around the common good.

The devastation from hurricane Harvey is staggering on a fiscal and emotional level. Just look at the numbers.

This will likely be the costliest natural disaster in U.S. history, with a potential price tag of $190 billion, according to a preliminary estimate from AccuWeather. For perspective, this represents a 1% economic hit to the gross national product. The expense will come from both:

  • Direct damages – like how much destruction floods cause to homes and businesses
  • Indirect damages – like employees being out of work for months or years, if affected areas aren’t livable again in the short term

FEMA is braced for a least 450,000 people seeking Federal aid. Where Harvey hit hardest, 80% lack flood insurance. Again, for perspective, the area most impacted by flooding has a population of roughly 6 million people.

Houston may feel an economic impact for years to come.

Twelve years after Katrina, the population of New Orleans has yet to recover. The city now has about 90,000 fewer residents, down 18% from pre-storm levels. The number of jobs in the New Orleans metropolitan area is down nearly 10% in that same time period. Ironically, many of the people who left New Orleans after Katrina, ended up in Houston.

Aside from the loss of material items, impacted families are faced with immense hardships and uncertainty. Federal programs like FEMA are intended to supplement, not replace, insurance and other financial buffers against natural catastrophe. Much of the aid that people will need requires taking on debt in order to rebuild—a challenge since jobs are now distributed and incomes at risk.

Wealthy or poor, financial wellness just took a direct hit for thousands of families.

Those who have lost homes, belongings, property, and businesses to Hurricane Harvey are going to need substantial help beyond the government. Perhaps for years to come.

I’ve been part of the banking community since 1986 and I’ve seen many instances of financial institutions coming to the aid of victims of tragedy. But never in my history have I seen such a need as now.

Can the banking community be a voice of stability, strength, and recovery as we look to rebuild the lives and communities impacted by Harvey? I have no doubt. If you are reading this, rest assured that you play a critical role in keeping local economies vibrant and can impact, in many ways, the storm recovery efforts. Big banks, small banks, local banks, national banks—this industry must unify to address the rebuilding efforts, not for the reason of bolstering the bottom line, but because we are a critical cog in the economic wheel.

It’s also the right thing to do.

Our commitment as an industry must be long term.

Certainly there are immediate needs we can address and ways we can support those affected. However, it will be our long-term commitment and resolve that will have the most significant impact. It’s going to be a long road, but we’re needed—and we’re more than capable of unifying a progressive effort to assure a successful recovery.

These are divisive times in America. But now there is such an opportunity for America to come together. Businesses, religions, and races of all kind. Let there be good that can come from this. It’s time we show that we are the United States and United People of America. Let’s also show that we’re the United Bankers of America.

Bryan Clagett is CMO at Geezeo, a personal financial management (PFM) solutions provider dedicated entirely to financial institutions. Email: [email protected].

For more information on FEMA resources, crisis communications, and opportunities to support Hurricane Harvey relief efforts, visit ABA’s Hurricane Harvey page on aba.com.

ADVERTISEMENT
Tags: Community bankingCool banksLeadership
ShareTweetPin

Related Posts

Podcast: Old National’s Jim Ryan on the things that really matter

Podcast: Old National’s Jim Ryan on the things that really matter

ABA Banking Journal Podcast
June 12, 2025

Jim Ryan has led Old National Bank to 250% asset growth. On the podcast, the ABA American Bankers Council chair discusses the bank's growing profile and footprint, his views on deposit insurance reform and the experience of leading...

Bank community engagement: Yes, you can help bank veterans

Bank community engagement: Yes, you can help bank veterans

Retail and Marketing
June 9, 2025

AMBA partners with the ABA Foundation to recruit banks to provide our nation’s veterans access to safe, reliable and flexible financial products and services.

FHFA finalizes strategic plan for 2022-2026

Marketing Money Podcast: Why leadership matters more than likes

Retail and Marketing
June 6, 2025

For bank marketers, the value of being strategic is great.

Looking for trouble?

Podcast: What bankers need to know about ‘First Amendment audits’

ABA Banking Journal Podcast
June 5, 2025

"First Amendment auditors" have long tried to provoke public officials into stopping them from recording in public settings. Now, some auditors are targeting banks.

ABA: Proposed quality control rule for AVMs would overburden banks

Bank survey: Uncertainty weighing on prospective homebuyers

Community Banking
June 4, 2025

Roughly 60% of current homeowners and prospective homebuyers are uncertain whether now is a good time to buy a home, up from 48% two years ago, according to a recent survey by Bank of America.

Looking for trouble?

Looking for trouble?

Compliance and Risk
June 4, 2025

So-called ‘First Amendment auditors’ target bank employees with provocative filming. Here are tips on responding.

NEWSBYTES

ABA, associations urge CFPB to rescind changes to adjudication process

June 13, 2025

ABA DataBank: May inflation cooler than expected, but still above Fed’s 2% target

June 13, 2025

Consumer sentiment rebounds in June

June 13, 2025

SPONSORED CONTENT

AI Compliance and Regulation: What Financial Institutions Need to Know

Unlocking Deposit Growth: How Financial Institutions Can Activate Data for Precision Cross-Sell

June 1, 2025
Choosing the Right Account Opening Platform: 10 Key Considerations for Long-Term Success

Choosing the Right Account Opening Platform: 10 Key Considerations for Long-Term Success

April 25, 2025
Outsourcing: Getting to Go/No-Go

Outsourcing: Getting to Go/No-Go

April 5, 2025
Six Payments Trends Driving the Future of Transactions

Six Payments Trends Driving the Future of Transactions

March 15, 2025

PODCASTS

Podcast: Old National’s Jim Ryan on the things that really matter

June 12, 2025

Podcast: What bankers need to know about ‘First Amendment audits’

June 5, 2025

Podcast: Accelerating banking for quick-service restaurants

May 8, 2025
ADVERTISEMENT

American Bankers Association
1333 New Hampshire Ave NW
Washington, DC 20036
1-800-BANKERS (800-226-5377)
www.aba.com
About ABA
Privacy Policy
Contact ABA

ABA Banking Journal
About ABA Banking Journal
Media Kit
Advertising
Subscribe

© 2025 American Bankers Association. All rights reserved.

No Result
View All Result
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive

© 2025 American Bankers Association. All rights reserved.