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Like a hurricane

Like a hurricane

Source: Federal Reserve Bank of New York

Julia S. Cheney of the PCC and Sherrie L.W. Rhine of the Office of Regional and Community Affairs at the Federal Reserve Bank of New York ask: How effective were the financial safety nets in the aftermath of Katrina?

This paper examines federal banking regulators’ and financial institutions’ responses to Hurricane Katrina, the financial vulnerability of unbanked families to this unexpected catastrophic event, and how the American Red Cross, FEMA, and the Gulf States’ relief efforts supplied financial assistance to Katrina’s victims.

The authors present an analysis of some of the challenges and benefits to using prepaid cards as a mechanism to deliver financial relief in disaster areas.

Furthermore, discussions with a number of leaders in the financial services industry identified several areas where further study may lead to more effective disaster recovery strategies for the financial services industry.

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