FFIEC updates pandemic planning guide

first_img continue reading » ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr A little while ago, NAFCU blogged about the NCUA’s business continuity planning guidance and the Federal Financial Institutions Examination Council’s (FFIEC’s) 2007 Pandemic Planning Guidance. In light of the spread of Covid-19 a.k.a. the coronavirus, the FFIEC updated its Interagency Statement on Pandemic Planning (the guide), identifying “actions that financial institutions should take to minimize the potential adverse effects of a pandemic.” In a related press release, the federal financial institution regulators encouraged financial institutions, including credit unions to continue meeting the financial needs of members affected by coronavirus.The guide begins with a discussion of the unique challenges presented by a pandemic in comparison to other disasters. The guide then explains how to incorporate pandemic risk into a credit union’s business continuity management, including the business impact analysis, the risk assessment, and risk monitoring and testing. Let’s briefly touch on each phase:The Unique Challenges of a PandemicIn order to effectively serve members, it is important to tailor a credit union’s traditional business continuity plan (BCP) to address the unique challenges posed by a pandemic. The guide explains that a credit union’s BCP should provide for:last_img read more

European Commission to investigate possibility of levy to fund EIOPA

first_imgThe European Commission has backed calls for the European Insurance and Occupational Pensions Authority (EIOPA) to no longer be funded from the European Union’s budget, increasing the likelihood of an industry levy.The European executive recommended the changes as it endorsed reviews of both the European Systemic Risk Board (ESRB) and the European Supervisory Authorities (ESA) for banking, securities markets and the pension and insurance industry.The review noted concerns that the current approach to ESA funding – whereby a budget is provided by the EU and through grants from the national regulators – could prove unsustainable as the supervisors looked to increase staffing levels.“Given EU and national budget constraints, the Commission considers that a revision of the existing funding model should therefore be envisaged,” the review said. It went on to note that the new model would “ideally” abolish the current funding model and that the Commission would start preparatory work to “improve the funding arrangements of the ESAs so they could fulfil their mandate”.“Further analysis could be carried out to assess the possibility of different funding models for the ESAs, including by increasing the level of funding by raising fees and levies,” it added.Gabriel Bernardino, chairman of EIOPA, last year called for greater funding to attract further staff, a call backed by the European Parliament’s economic and monetary affairs committee (ECON).The Commission said that, in light of the proposed Banking Union, it would also consider either relocating the ESAs and ESRB to have a single seat.EIOPA is currently based in Frankfurt, the European Securities and Markets Authority in Paris and the European Banking Authority in London.The Commission said it would also consider whether a “Twin Peaks” approach to regulation should be implemented, with a single prudential regulator and a second to police the industry.The review further suggested changes to the way ESA stakeholder groups are composed, increasing transparency and suggesting that those appointed should be chosen in a more “balanced” way – potentially by increasing the number of consumer and small and medium-sized enterprise (SME) representatives.The 30-strong occupational pensions stakeholder group (OPSG) currently consists of 10 representatives from the pension industry, employers, employees, professional bodies, academics and a sole representative for SMEs.The OPSG last year appointed Benne van Popta as its chairman.,WebsitesWe are not responsible for the content of external sitesLink to review of European Supervisory Authoritieslast_img read more

DPSU awaits government response to salary negotiations

first_img Tweet 11 Views   no discussions Share Share Sharing is caring!center_img LocalNews DPSU awaits government response to salary negotiations by: – April 26, 2012 Share Thomas Letang. (file photo)General Secretary of the Dominica Public Service Union Thomas Letang has said that his organization is awaiting government’s response on the issue regarding salary negotiations for public servants.Letang told an interview with the media that the government promised to respond in a timely matter “but we have not yet seen that”.“The last time we wrote to them they said the matter was being looked at and we expect them to respond to us, giving us more information,” he said.Meantime Letang said he is still concerned about the issue of the pension age.“We are concerned about the impact the social security act is having on the public. Some people retried a few months ago and they were expected to have received their pension from DSS. As it is now, this means they would have to go without a pension because it means that government would have already bridged that gap, and DSS would have taken over,” he added.He said “I am beginning to ask myself, why that level of insensitivity. Why is it taking so long when you know that people are going to be affected by a decision”.According to Letang, several persons are being affected by the amendment, “and we are not being told as to what is going to happen to these people”.He said further that a national retirement age must be looked at.“The union is taking this matter seriously. We need all citizens to rally behind us to give us support to ensure that pensioners do not suffer as a loss of income,” he added.Dominica Vibes Newslast_img read more

Sports Briefs

first_imgDeschamps selects Rabiot, drops Martial, Gignac PARIS, France (AP): Adrien Rabiot could make his debut for France after coach Didier Deschamps picked the Paris Saint-Germain midfielder in his 23-man squad for a World Cup qualifier against Sweden and a friendly against the Cote d’Ivoire. Anthony Martial and Andre-Pierre Gignac were notably missing from the squad announced yesterday. The forwards for Manchester United and Tigres in Mexico entered as substitutes in France’s 1-0 World Cup-qualifying win against the Netherlands on October 10. Ousmane Dembele figured to be among Deschamps’ options in attack. The Borussia Dortmund forward made his debut for France against Italy in September. With Rabiot offering defensive cover in midfield, Deschamps left out Crystal Palace’s Yohan Cabaye. Rabiot was on a list of standby players for the European Championship last summer, but did not make the cut. He has been very consistent in PSG’s midfield. American Lloyd heads FIFA women’s award list ZURICH, Switzerland (AP): Carli Lloyd will defend her FIFA women’s Player of the Year award against a number of rivals, including three Olympic champions from Germany and five-time winner Marta. Lloyd is the United States’ only nominee on a 10-player list announced by FIFA yesterday after the 2015 World Cup winners lost in the Olympic quarterfinals in Rio de Janeiro. Germany have forward Dzsenifer Marozsan, who scored in a 2-1 win over Sweden in the gold medal match, as well as midfielders Melanie Behringer and Sara Daebritz on the list. Behringer retired after the Olympics, having played more than 100 times for her country. Each of the trio aims to be the third different German winner in the past four years.last_img read more