WASHINGTON – State and federal regulators, government agencies and various credit union trade groups continue to roll out resources in response to the outbreak of coronavirus (COVID-19).
The Federal Financial Institutions Examination Council (FFIEC), of which NCUA is a member, has released updated guidance identifying actions that financial institutions should take to minimize the potential adverse effects of a pandemic.
The guidance can be found here.
“Pandemic preparedness is an important part of a financial institution’s business continuity planning,” the FFIEC said. “The guidance provides the Council’s prudent expectations that regulated institutions should periodically review related risk management plans, including continuity plans, to ensure their ability to continue to deliver their products and services in a wide range of scenarios and with minimal disruption.”
Other Resources
Other resources announced by credit union organizations include:
- CUNA has launched a resource page for information and other materials on the coronavirus disease as they become available.
- In Florida, Alabama and Georgia, the League of Southeastern Credit Unions & Affiliates has launched a Coronavirus Preparedness Resource Area, which can be accessed on its website by member credit unions. The site includes facts about the virus and its spread; business continuity and disaster recovery; protection and prevention; member support; and tools to communicate effectively about the virus.
“We wanted to make sure the league was a resource for our credit unions as they monitor the spread of COVID-19,” said LSCU & Affiliates CEO Patrick LaPine in a statement. “I know our credit unions are well-prepared to continue offering members unparalleled financial service through an outbreak scenario – and we want them to know we’re here to support them, whatever they may need.”
As of this the announcement of the new resources, officials have confirmed 18 cases of COVID-19 in Florida, with five more cases confirmed in Georgia and four more considered “presumptive.” Alabama has not confirmed any cases.
- In Marlborough, Mass., the Cooperative Credit Union Association will host a Coronavirus: Credit Union Contingency Planning webinar on March 11 at 11 a.m., during which the hour-long session will feature a discussion by subject-matter authorities in the fields of business continuity planning, human resources, information technology, and healthcare, according to the CCUA.
- The Credit Union Association of the Dakotas (CUAD) is reminding its member credit unions to alert their members to fraudsters seeking to exploit the coronavirus for their own advantage. Those fraudsters look to take advantage of fear, anxiety and the unknown surrounding the coronavirus and will target members via phone calls, texts, emails, websites, and even mail or faxes, the CUAD noted.
“Email and phone scams include phishing for personal information by impersonating health officials,” reminded the CUAD. “Donation requests to fund emergency plans have also been reported. Emails falsely claiming the virus is in the recipient's area encourage clicking a link and entering an email password to read more.”
The CUAD it reminding credit unions the FTC has information available on How to Recognize and Avoid Phishing Scams and Coronavirus scams – what the FTC is doing.