|For Immediate Release||March 06, 2020|
FFIEC Highlights Pandemic Preparedness Guidance
The Federal Financial Institutions Examination Council (FFIEC) today updated guidance identifying actions that financial institutions should take to minimize the potential adverse effects of a pandemic.
Pandemic preparedness is an important part of a financial institutionís business continuity planning. The guidance provides the Councilís prudent expectations that regulated institutions should periodically review related risk management plans, including continuity plans, to ensure their ability to continue to deliver their products and services in a wide range of scenarios and with minimal disruption.
Sound planning, in advance of imminent risk to particular institutions, helps minimize the disruptions to services to consumers, businesses, and communities when such contingencies occur.
The FFIEC was established in March 1979 to prescribe uniform principles, standards, and report forms and to promote uniformity in the supervision of financial institutions. The Council has six voting members: the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the National Credit Union Administration, the Consumer Financial Protection Bureau, and the State Liaison Committee. The Councilís activities are supported by interagency task forces and by an advisory State Liaison Committee, comprised of five representatives of state agencies that supervise financial institutions.