[rcooper]

There a lot for banks to consider in dealing with this pandemic. Some things to consider along with resources are:

1) CDC Guidance for Businesses – https://www.cdc.gov/coronavirus/2019-ncov/community/guidance-business-response.html. This gives good info on steps banks shoud take to protect staff and employees and ways to operate safely. There’s also a some tools, inclding checklists, for businesses to walk them through planning for a pandemic. It can also be useful to assess steps taken during a pandemic.

2) FFIEC Interagency Statement on Pandemic Planning guidance (https://www.ffiec.gov/press/pr030620.htm) and also the FFIEC IT Exam Handbook for Business Contintuity Management. https://ithandbook.ffiec.gov/it-booklets/business-continuity-management.aspx. The banking agencies all have released numerous pieces of guidance and each has a COVID-19 webpage – keep an eye on those for info from your regulator.

3) Other things to think about are branch closures (communicate with your regulator and customers); fraud – both internal for the bank and also for customers that might be targeted (bank regulators, FTC, CFPB, and CISA has good resources); BSA (FinCEN put out some limited guidance); adjusting physical and information security measures as you move to work-from-home/reduce staff in the branch, etc.; have a pandemic response team; communicate with staff, regulators, vendors, customers; protect employees and customers through social distancing, protective gear and hygiene supplies (tissues, trash cans, sanitizer, soap, towels, gloves, masks if needed, sneeze guards, etc.).

Let us know how your bank is adapting. Stay safe!

[Author]

Posts