Economic Monitor: CUs prepared for disasters, pessimistic about growth

NAFCU’s latest Economic & CU Monitor survey report indicates credit unions are relatively prepared for disaster. This month’s survey probed respondents on their credit union’s ability to handle unanticipated service disruptions as a result of events including inclement and catastrophic weather and cyberattacks.

The survey found that roughly 56 percent of respondents had never had to use their credit unions’ business continuity plans, though 11 percent had used their plans five or more times. One-third of respondents said they’ve initiated their business continuity plans in the past 12 months.

Of those who have initiated the plans at some point, only 5 percent reported “significant” disruption to member services.

 

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