Board of Governors of the Federal Reserve System
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
Office of Thrift Supervision
National Credit Union Administration
Conference of State Bank Supervisors
Agencies Issue Lessons Learned from Hurricane Katrina:
Preparing Your Institution for a Catastrophic Event
The member agencies of the Federal
Financial Institutions Examination Council (FFIEC) and the Conference
of State Bank Supervisors today announced the
release of LESSONS LEARNED FROM HURRICANE KATRINA:Preparing
Your Institution for a Catastrophic Event. The booklet relays financial institutions' experiences
and lessons learned in the aftermath of Hurricane Katrina that other
institutions may find helpful in considering their readiness for a catastrophic
Financial institutions face
a wide variety of disasters across the United States that could have potentially
devastating consequences. Following Hurricane
Katrina, institutions' existing disaster recovery and business continuity
plans generally worked well in enabling institutions to restore operations
swiftly. However, the unprecedented destruction and aftermath of the hurricane
caused major disruptions that exceeded the scope of some institutions' disaster
recovery and business continuity plans. Major hardships faced by these
institutions included the following:
Communications outages made it difficult to locate missing personnel.
Access to and reliable transportation into restricted areas were not
Lack of electrical power or fuel for generators rendered computer systems
Multiple facilities were destroyed or sustained significant damage.
Some branches and ATMs were under water for weeks.
Mail service was interrupted for months in some areas.
Financial institutions demonstrated great resiliency, working together
to create solutions that allowed them to successfully operate under very
difficult circumstances and to assist customers and communities in recovering
from the hurricane.
The lessons learned booklet is
available on the FFIEC's web site
at www.FFIEC.gov as well as on each agency's
web site. Insured depository institutions will soon receive a hard copy
or an electronic copy of the