Katrina Lessons Shared in Regulators' New Booklet

WASHINGTON – NCUA and the other federal and state financial regulators are distributing LESSONS LEARNED FROM HURRICANE KATRINA: Preparing Your Institution for a Catastrophic Event to their regulated institutions. The booklet, just in time for hurricane season, outlines different financial institutions’ experiences in the aftermath of Hurricane Katrina and shares what they learned that other institutions could find helpful. The Federal Financial Institutions Examination Council and the Conference of State Bank Supervisors drafted it. Though financial institutions’ recovery and continuity plans generally worked well following Hurricane Katrina, the unprecedented destruction exceeded the expectations of some plans. Lack of communications made it difficult to locate missing personnel and restricted access to certain areas and energy shortages still disrupted some operations.

Additionally, the regulators pointed out: