House could examine financial institution preparedness
WASHINGTON (6/21/06)—Congress will continue looking into the business continuity plans of the nation's financial institutions with an upcoming hearing, according to Credit Union National Association (CUNA) Legislative Affairs Vice President Dean Sagar.
The House Financial Services Oversight Subcommittee, chaired by U.S. Rep. Sue Kelly (R-N.Y.), is expected to conduct a hearing sometime this summer on preparedness related to pandemic issues, said Sagar. He anticipates that credit unions would be invited to testify.
Following the Gulf Coast hurricanes of 2005, Mississippi Credit Union Association President/CEO Charles Elliott testified on behalf of CUNA before a House Financial Services subcommittee about credit unions' response to the disaster.
In April, the National Credit Union Administration (NCUA) issued a Risk Alert to federal credit unions emphasizing the need to prepare for the next potential disaster. The agency said it was responding to concerns about a recent outbreak of avian flu in Asia, and directed readers to http://www.pandemicflu.gov for a complete text of the National Strategy for Influenza Pandemic.
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