WASHINGTON -- Credit unions and other financial institutions have been given guidance on their planning for a pandemic from Federal Financial Institutions Examination Council.
The FFIEC, which includes NCUA and the federal banking regulators, said it based its guidance on the contents of the Interagency Advisory on Influenza Pandemic Preparedness issued in March 2006.
In its instructions the FFIEC pointed out that unlike most natural or technical disasters and malicious acts, the larger scale and longer duration of a pandemic make preparation more difficult.
Because of the greater scale and duration, no individual or organization is safe from the potential adverse effects of a pandemic event. Experts believe the most significant challenge may be the severe staffing shortages that will likely result from a pandemic outbreak.
The FFIEC's recommendations covered five areas. CUs should adopt a preventive program to reduce the likelihood an institution's operation will be significantly affected by a pandemic event. They should prepare a documented strategy that provides for scaling pandemic efforts and commensurates with the particular stages of a pandemic outbreak. They should have planned a comprehensive framework of facilities, systems, or procedures to continue critical operations if large numbers of staff members are unavailable for prolonged periods. They should use a testing program to ensure the institution's pandemic planning practices and capabilities are effective and will allow critical operations to continue, and they should put into place an oversight program to ensure ongoing review and updates to the pandemic plan.
