Financial Regulatory Forum

U.S. regulators urge firms to improve business continuity and disaster recovery plans

By Stuart Gittleman, Compliance Complete

NEW YORK, Aug.21 (Thomson Reuters Accelus) – Futures and securities firms should review their industry-wide and internal business continuity and disaster recovery plans to improve responsiveness to significant disruptions and reduce recovery time, their regulators said Friday in a staff advisory.

U.S. regulators have been particularly concerned over how financial firms plan for disasters since the attacks of September 11, 2001, and through the President’s Working Group on Financial Markets during the administration of George W. Bush urged the industry to strengthen its defenses. The concerns have included flooding following Hurricane Katrina and the threat of an influenza pandemic, and are growing. (more…)

Post-Katrina moves helped banks weather the storm after Isaac, says state banking official

By Ted Knutson

WASHINGTON, Sept. 5 (Thomson Reuters Accelus) - Post-Hurricane Katrina disaster preparations helped banks weather the storm after last week’s Hurricane Isaac, Louisiana Office of Financial Institutions (Bank) Division Chief Examiner Sid Seymour told Thomson Reuters Monday.

“After Katrina in 2005, some bank locations were closed for weeks. But Isaac came in on the 29th, we had banks in the coastal parishes that were closed that day, on the next, bank staffers were doing damage (recovery) the next day and the day after, most locations were reopen,” the head state bank examiner said. (more…)