Newsroom
Coronavirus: Are your business continuity plans up to date?
As health officials analyze reports of coronavirus cases as the flu season continues, NAFCU is encouraging credit unions to revisit or update their business continuity plans to ensure continuous operation of critical systems in case of a disaster or emergency. Last week, U.S. officials declared the coronavirus outbreak a public health emergency.
In a new Compliance Blog post, NAFCU Regulatory Compliance Counsel Loran Jackson broke down NCUA guidance on pandemic preparedness and a Pandemic Planning guide developed by the agency in collaboration with other Federal Financial Institutions Examination Council (FFIEC) member agencies.
"A credit union’s contingency or business continuity plan should account for the operation of critical systems and anticipate where the greatest need would be if the credit union lost access to employees, resources, or systems," wrote Jackson.
Jackson also pointed to the FFIEC's recently updated Business Continuity Management booklet, which focuses on business-wide approaches to ensure operations are not disrupted or can easily recover after a disaster.
For more, read Jackson's blog, members of the association's compliance team have published a number of blogs on the topic of business continuity planning and dealing with emergencies.
Additionally, The November/December 2019 edition of The NAFCU Journal includes a feature on helping credit unions prepare contingency plans for all types of situations, including natural disasters, to mitigate losses and provide extreme member service during difficult times.
NAFCU also has a webinar, available on-demand, designed to teach credit unions about implementing a business continuity and crisis communication plan, and discuss key resources available to all federally-insured credit unions.
NAFCU will continue to support its members to ensure all have access to needed resources and tools.
Share This
Related Resources
Add to Calendar 2024-06-26 14:00:00 2024-06-26 14:00:00 Gallagher Executive Compensation and Benefits Survey About the Webinar The webinar will share trends in executive pay increases, annual bonuses, and nonqualified benefit plans. Learn how to use the data charts as well as make this data actionable in order to improve your retention strategy. You’ll hear directly from the survey project manager on how to maximize the data points to gain a competitive edge in the market. Key findings on: Total compensation by asset size Nonqualified benefit plans Bonus targets and metrics Prerequisites Demographics Board expenses Watch On-Demand Web NAFCU digital@nafcu.org America/New_York public
Gallagher Executive Compensation and Benefits Survey
preferred partner
Gallagher
Webinar
AI in Action: Redefining Disaster Preparedness and Financial Security
Strategy
preferred partner
Allied Solutions
Blog Post
Add to Calendar 2024-06-21 09:00:00 2024-06-21 09:00:00 2024 Mid-Year Fraud Review Listen On: Key Takeaways: [01:16] Check fraud continues to be rampant across the country. Card fraud is affecting everyone. [04:31] Counterfeit US passport cards are just another new toolbox in the bad actors’ toolbox. [07:21] Blocking the fallback is the only way to defeat counterfeit cards. [11:17] The best way is constant education to your members in as many channels as you can. [13:02] We are still seeing overdraft lawsuits. Make sure the programming you have at your credit union matches what you have displayed for the members. Web NAFCU digital@nafcu.org America/New_York public
2024 Mid-Year Fraud Review
Strategy & Growth, Consumer Lending
preferred partner
Allied Solutions
Podcast
Get daily updates.
Subscribe to NAFCU today.