Federal Financial Institutions Examination Council
|For Immediate Release||August 13, 2007|
The Federal Financial Institutions Examination Council (FFIEC) agencies would like to invite financial institutions to participate in the U.S Treasury Department sponsored industry-wide business continuity exercise for members of the financial services sector. The purpose of the exercise is to test the financial sector's ability to respond to a pandemic like crisis, such as an influenza pandemic. The exercise targets all financial services organizations across the United States including banks, thrifts, credit unions, securities firms, and insurance companies. Financial institutions may want to consider this exercise as an opportunity to test their pandemic contingency programs and to identify opportunities for improvement.
The exercise will simulate one wave of a pandemic like event and is scheduled to begin September 24, 2007, and conclude on October 10, 2007. The exercise is voluntary and there is no fee to participate. Participating financial institutions will conduct the exercise anonymously from their own locations through electronic mail and a secure website.
1 Update to this press release: The registration page for the exercise is expired. A media briefing issued by the Financial Banking Information Infrastructure Committee and the Financial Services Sector Coordinating Council following the exercise is available through the U.S. Department of the Treasury’s Press Release dated October 24, 2007, https://www.treasury.gov/press-center/press-releases/Pages/hp643.aspx, https://www.treasury.gov/press-center/press-releases/Documents/panfluhandout.pdf.
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 National Credit Union Administration, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the State Liaison Committee. The Council's 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.