LATHAM, N.Y. – The potential "trickle down" effects of the events of September 11 were recently discussed over a series of meetings hosted by the New York State Credit Union League. Credit union managers, CEOs, staff, volunteers, local CUNA Mutual and Empire Corporate representatives all participated in the brainstorming sessions. "We wanted to synthesize the ideas and strategies that we could all bring to the table," said NYSCUL Vice President of CU Services Sue Commanda. "It makes sense to share our combined wisdom in these difficult times. While some credit unions may already be implementing some of these suggestions, others may be just starting to incorporate them into their revised strategies." Discussions revolved around issues ranging from disaster recovery planning and careful handling of the mail, to money laundering and the economic climate. Suggestions included reviewing/updating the disaster recovery plan, actually testing it and considering an out-of-city or out-of-state hot site; establishing written procedures for careful handling of the mail, which include opening mail away from heating and cooling vents and using rubber gloves and/or long-handled letter openers; and preparing for possible layoffs by reviewing delinquency policy and offering debt and financial counseling.

Continue Reading for Free

Register and gain access to:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
  • Educational webcasts, white papers, and ebooks from industry thought leaders.
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.