DUBLIN, Ohio–Private deposit insurer American Share Insurance (ASI) has announced a four-step action plan in response to risks presented by the coronavirus outbreak.
CEO Dennis Adams said the risk of a pandemic outbreak has long been a component of the company’s contingency plan, which it updates every five years for its Ohio regulators.
According to ASI, the most recent version of this contingency plan, completed in November 2019, makes clear the actions it will take with respect to its members, employees, the credit union system and the general public, in the event of a pandemic.
ASI said its plan establishes a need for:
- Social distancing to minimize the risk of contracting or spreading the virus, even unknowingly
- Postponing all onsite field exams scheduled for the next 30 days in lieu of its “remote examination” process, which has been operational for over three years
- A solid and continuous member support/communications system, wherein, every ASI employee will have a list of credit unions that he/she will be responsible for contacting electronically or by phone over the days and weeks ahead. “In this way ASI will better understand each member credit union’s operational, liquidity and staffing plans for handling this national event,” the company said.
- Responding promptly to each and every credit union’s needs as they become known to our staff members or officers.
In a statement, Adams also encouraged each member credit union to develop its own credit union‐specific plan of action–if one didn’t exist already–with attention to cash needs and staffing allocations, and then to implement such plan of action, realizing that changes were likely inevitable.