Tuesday, December 1, 2020

Agencies share pandemic planning guidance for banks

In case you missed it, federal banking regulators issued guidance for banks Friday dealing with planning for a pandemic event. The guidance for business continuity planning in the face of a pandemic has come about because of the rising number of reported cases involving the new coronavirus.

According to the guidance, plans should provide for a preventative program, a documented strategy scaled to the stages of a pandemic outbreak and a comprehensive framework to ensure the continuance of critical operation, a testing program and an oversight plan.

“Pandemic plans should be sufficiently flexible to effectively address a wide range of possible effects that could result from a pandemic,” the guidance said. “[They] need to reflect the institution’s size, complexity, and business activities.”

The OBA, working through the Alliance of state bankers associations and the ABA, encourages members to take proactive steps to make certain the bank is prepared for how this new virus might affect customers, employees and daily operations.

Fortunately, bankers can stay up to date on the latest developments and resources from the Centers for Disease Control, World Health Organization and others through the OBA’s coronavirus information page as well as the ABA’s dedicated webpage.

Click here to read the guidance.