After weeks of hurricanes, and now wildfires, it’s more important than ever for credit unions to be prepared for disasters. Federally insured credit unions are required to have disaster recovery and business resumption plans to address all types of disruptions.
These disruptions can range from a power outage to a natural disaster physically destroying a credit union’s premises.
Per NCUA, a disaster preparedness program should:
NCUA’s Catastrophic Act Preparedness Guidelines (NCUA's Part 749, Appendix B) provides recommendations for developing and maintaining a disaster recovery program with the oversight and approval of the board of directors.
The program should include:
CUNA’s Disaster Recovery Workshop, scheduled for Dec. 5-6 in Las Vegas, will feature a deep dive into disaster preparedness, incident response and business continuity planning.
For additional details and links to NCUA and other government disaster prep resources, see CUNA’s CompBlog.