NCUA Spotlights Pandemic Preparedness Guidance for CUs

Finger on a planning chalkboard

The Federal Financial Institutions Examination Council (FFIEC) has updated its guidance identifying actions that financial institutions should take to minimize the potential adverse effects of a pandemic.

"Pandemic preparedness is an important part of a financial institution’s business continuity planning," states a news release just issued by the National Credit Union Administration (NCUA). "The guidance provides the council’s prudent expectations that regulated institutions should periodically review related risk management plans, including continuity plans, to ensure their ability to continue to deliver their products and services in a wide range of scenarios and with minimal disruption."

Sound planning, in advance of imminent risk to particular institutions, helps minimize disruptions to services to consumers, businesses, and communities when such contingencies occur.

The NCUA's direct contact on this issue is Ben Hardaway (703-518-6333).

Click here to view NCUA's news release.

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