WASHINGTON — Today, thousands of banks and credit unions began the pandemic flu simulation sponsored by Treasury and the Securities Industry and Financial Markets Association.

There are 2,725 participants in the electronic exercise, “hundreds” of which are credit unions, according to NAFCU Director of Compliance Anthony Demangone. NAFCU is serving as part of the control team sifting through participant comments weekly through the end of the simulation on Oct. 12.

“This will give regulators and the financial industry lots of data regarding where financial institutions are and possibly give regulators some data from which they can craft best practices or regulatory relief,” Demangone said. After Hurricane Katrina, for example, NCUA gave the affected credit unions extra time to file their 5300 Call Reports.

While no details of the exercise are available right now, Demangone said after it is over, “I certainly for one will be happy to tell the story. Credit unions really, really got involved with this.”