Financial Regulatory Agencies Issue Guidance and Call for Industry Preparedness Plans as the COVID-19 Outbreak Unfolds
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Key takeaways:
- As the novel coronavirus, COVID-19, continues to spread in the United States, financial institutions understandably are focused on business continuity planning and preparedness. In communications issued within the past week, federal and state financial regulators have indicated that this is exactly what they expect.
- The Federal Financial Institutions Examination Council (“FFIEC”) and Financial Industry Regulatory Authority (“FINRA”) offered guidance to institutions under their oversight about how to prepare for, respond to, and continue operations during a pandemic. The New York Department of Financial Services (“NYDFS”) went further, requiring state-licensed financial institutions to submit operational and financial preparedness plans within 30 days.
- In this Debevoise In Depth, we summarize these developments and additional considerations for financial institutions as the outbreak unfolds.