HOBOKEN, N.J. — With credit unions struck by snow in the Midwest and tornadoes and flooding elsewhere, Mother Nature has reminded credit unions once again how important disaster preparedness is.
Since the terrorist attacks of Sept. 11, 2001, the regulators have been pressing the issue. The latest results from Credit Union Times online poll revealed that most credit unions reassess disaster preparedness plans annually.
Our unscientific poll found that 68% of respondents reviewed their disaster preparedness plan annually. A full quarter said they do so less frequently. Just 5% responded that they review the plans whenever an emergency event occurs anywhere, while 3% said they reassess each time their credit union is faced with an emergency event.
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