Hand washing and pandemic planning

According to a Weather Channel report, several schools in the U.S., and in some cases entire districts, have canceled classes this week due to a high percentage of students sick with the flu and other seasonal illnesses. While not a worldwide pandemic, local and regional flu outbreaks are risks to more than just schools and neighborhoods. Credit unions can be greatly affected by the outbreak of illness among staff and members. This blog serves to provide all our compliance friends with information on pandemic preparedness and remind you of the importance in having an updated business continuity plan.

NCUA explained in Letter to Credit Unions 01-CU-21, that a credit union’s contingency plans should consider the worst case scenario. Additionally, the board of directors and senior management should set procedures to ensure the plan’s success. A credit union’s contingency or business continuity plan should account for the operation of critical systems and anticipate where the greatest need would be if the credit union lost access to employees, resources, or systems. NCUA gives some insight as to how credit unions can establish a minimum acceptable service level based on the type of emergency faced:

“In evaluating minimum levels, credit unions should consider:

• Minimum number of employees required;
• Ability to bring in outside human resources;

 

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