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Financial Services Law Insights and Observations

Michigan Office of Credit Unions issues a call for credit unions to review emergency procedures and continuity plans

State Issues Covid-19 Michigan Credit Union

State Issues

On March 10, the Michigan Office of Credit Unions Director Denice Schultheiss issued a letter to credit unions calling on them to review their Disaster Recovery and Continuity of Operations Plans and Procedures in light of the Covid-19 crisis. Key operational aspects to be reviewed include: (i) supply staff operations; (ii) personnel policies; (iii) remote work capabilities; (iv) contingency plans for critical operations, systems, communications, and potential branch closures; (v) identification of third-party services that could be impaired; (vi) cash liquidity; and (vii) internal communication of preparedness policies and procedures. The letter also provided resources for credit unions as they review and assess current procedures.