State Leagues Expanding Coronavirus Info & Resources for Credit Unions
FFIEC says it updated its pandemic planning statement, but no specifics are offered.
State leagues are delivering detailed information and resources to help credit unions manage through the coronavirus pandemic.
What’s more, the Federal Financial Institutions Examination Council said it has updated its guidance identifying actions that financial institutions should take to minimize the potential adverse effects of a pandemic. But the FFIEC did not specify what information has been updated in its 10-page Interagency Statement on Pandemic Planning, according to its March 6 press release. The previous update to the document was dated December 2007.
The FFIEC referred to the NCUA for comments. A spokesperson for the independent federal agency said there were “updates throughout the entire guidance,” but did not provide any specific examples.
However, state leagues are taking proactive steps in delivering and updating specific information and resources about the coronavirus to their credit union members.
For example, on Feb. 28, the Northwest Credit Union Association, which represents credit unions in Washington, Oregon and Idaho, posted a webpage that features information about how credit unions can minimize the risk to staff and members, how to serve members affected by the virus and a listing of links to state and federal health resources.
On Monday, the League of Southeastern Credit Unions & Affiliates, which represents credit unions in Alabama, Florida and Georgia, published a webpage, Coronavirus Preparedness Resources Area, which includes facts about the virus and its spread; business continuity and disaster recovery; protection and prevention; member support and tools to communicate effectively about the virus.
In addition to listing a variety of resources for the state’s 241 credit unions to understand the health and safety precautions to help staff and members, the Illinois Credit Union League also published updated information about how to prevent coronavirus-related fraud and scams.
So far, at least two credit union organizations have rescheduled conferences because of the coronavirus outbreak, while WOCCU canceled its Professional Exchange and Global Youth Summit in the United Kingdom.