Banks could be busy supplying credit to manufacturers, hotels, multifamily developers and other businesses that will be helping residents get their lives back on track after two fierce storms.
The agency has earmarked all funds from a Hurricane Harvey recovery package for direct relief, despite calls to get more bankers involved in the process. It remains to be seen how the agency will handle the cleanup for Hurricane Irma.
Texas bankers recovering from Hurricane Harvey are reflecting on their experiences, identifying what went right and what they could do better. Their views could prove useful to Florida bankers hurriedly preparing for the nation's next big hurricane.
Given the scale of damage to the region’s homes and cars, bankers are guarding against an expected spike in missed payments by extending loan terms, deferring payments and making other concessions.
Messaging services, mobile banking and remote deposit capture are expected to help Florida banks that aim to keep up with employees and offer uninterrupted service to customers.
Natural disasters like Hurricane Harvey reveal banks’ ability to lend a hand to communities in need, and to keep employees engaged and motivated for the initiatives that matter most.
