Tag Archives: business continuity plan

Due to COVID-19 Threats, Financial Regulators Require Pandemic Policies

Federal and state financial regulatory agencies are requiring banks and other financial institutions to have policies in place in response to the current COVID-19 pandemic.

On March 6, 2020, the federal bank regulatory agencies―including the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC)―issued an Interagency Statement on Pandemic Planning, which requires financial institutions to have an adequate business continuity plan (BCP) to address the potential adverse effects of COVID-19 and other pandemics.

To read the full text of this Duane Morris Alert, please visit the firm website.