TRENTON, N.J. - As hurricane Irene approaches the Garden State, the NJ Department of Banking & Insurance (DOBI) yesterday issued a recommended disaster preparedness bulletin to all state chartered banks, savings institutions, and credit unions.
DOBI reminded state chartered financial institutions of the requirement to maintain disaster response plans to address all reasonably foreseeable risks to business continuity in the event of a catastrophic event.
The bulletin recommends that financial institutions review their preparedness plans, which should include any special provisions for check cashing either by depositors or non-depositors (including identification issues), wire transfers, waiving certain fees, and meeting credit needs.
Credit unions should take reasonable steps to adopt emergency by-laws establishing the terms and conditions for continuity of services in accordance with the powers afforded by the Credit Union Act of 1984, according to the bulletin.
DOBI also reminded institutions that they should be prepared to execute departmental directives subsequent to a declaration of emergency by the governor.
DOBI Bulletin No. 11-15 is available here.