ARLINGTON, Va. — NAFCU is the only credit union representative to serve on the Financial Services Sector Coordinating Council's Infectious Disease Forum, which was established earlier this summer.
The working group was set up to provide a forum for members of the FSSCC that are actively studying the possibility of a pandemic and business continuity in its wake to collaborate and share information.
"We talked about a few of the issues members are having and their concerns," NAFCU Regulatory Compliance Counsel Lance Noggle said. The crucial question everyone is asking is whether the Internet infrastructure is there for the majority of companies that plan to have employees working from home; apparently "no one has any idea," he said.
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Additionally, companies–particularly retail outlets–are concerned about staffing problems, payment systems, access to cash and what should be done to make members aware of the possible pandemic without frightening them yet providing enough information to help curb the spread.
NAFCU Director of Regulatory Compliance Anthony Demangone pointed out that the open market in America provides a great deal of incentive for effective business continuity planning.
The group is also looking at regulatory relief measures needed during a crisis, such as Bank Secrecy Act relaxation or member meeting requirements, some of which were learned during Hurricanes Katrina and Rita in the Gulf Coast last year.
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