Governments need to improve their communications, allow regulatory flexibility and delineate decision making authority during a possible flu pandemic. NAFCU Director of Regulatory Compliance Anthony Demangone told lawmakers today.
He said during testimony before the House Small Business Committee that credit unions and other financial institutions "need information about any potential hurdles that face pandemic-related business continuity plans." The government needs to inform financial institutions if they can rely on the telecommunications infrastructure if employees need to work from home, he added.
Demangone also urged the government to plan, in advance, what leeway it will offer financial institutions on regulatory compliance in the case of a flu pandemic.
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"If we have the flexibility plan in place beforehand, financial regulators will not have to answer repeated questions during a pandemic-when the regulators themselves may have high absenteeism," he said.
He also urged the federal government to clarify which levels of government will be responsible for certain kinds of decisions during a pandemic.
Demangone, government officials and representatives of other industries testified at the committee's hearing on the challenges of a 2009 H1N1 Influenza and its impact on small businesses and health care providers.
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