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Michigan Office of Credit Unions issues letter to CEOs and board leaders
On March 13, the Michigan Office of Credit Unions Director Denice Schultheiss issued a letter to credit union CEOs and chairpersons providing guidance for annual meetings and closure notifications during the Covid-19 crisis. The guidance allows credit unions to cancel or postpone annual meetings without being penalized, and encourages remote meetings via video conferencing, if possible. Credit unions were also instructed to inform the office in the event of location closures, providing as much detail on the closure as possible and how the closure could impact services to members. In addition to addressing annual meetings and closures, the letter encouraged credit unions to be vigilant of heightened cyber risk during the crisis.
Michigan Office of Credit Unions issues a call for credit unions to review emergency procedures and continuity plans
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.
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