Banking Agencies Release Statements on Pandemic Planning and Customer Accommodations

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On March 6, 2020, the Federal Financial Institutions Examination Council (FFIEC) issued an Interagency Statement on Pandemic Planning (the Statement) on behalf of the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, National Credit Union Administration, Office of the Comptroller of the Currency, Consumer Financial Protection Bureau and the State Liaison Committee. The Statement highlights critical considerations for developing and implementing a business continuity plan (BCP) that addresses the various adverse effects that could arise during a pandemic. Even institutions that have a robust pandemic BCP should reassess those BCPs as the COVID-19 outbreak continues to evolve worldwide.

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