Pandemic puts credit union business continuity plans to the test

first_img ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr continue reading » There isn’t a single aspect of life, work or play that hasn’t been impacted by the coronavirus pandemic. And, many believe, we are only at the beginning. The upside – the people-helping-people spirit has remained healthy throughout, as the industry prioritizes the financial health of the nation’s 100 million credit union members.The NCUA’s unprecedented memo from March 16 is proof positive of the movement’s laser focus on members’ financial health. In case you missed it, the agency said it will give credit unions the flexibility to prudently adjust or alter member loan terms and will not subject those decisions to examiner criticism.A second silver lining is the number of important lessons the industry is learning, specifically as it relates to business continuity planning and preparedness. Chief among these lessons is that a business continuity plan (BCP) must be specific, tested and continuously updated to be meaningfully effective.Let’s look at each of these qualifiers individually…last_img

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