Are You Prepared For The Next Disaster?

June 6, 2014 at 8:08 am Leave a comment

Hurricanes be damned, the IRS still expects to be paid. So, recently the IRS released this handy little tip sheet outlining steps that individuals and businesses can take to make sure that their vital tax information is protected if and when a storm or other disaster strikes.

With so many businesses outsourcing their payroll processing now, one tip that caught my eye was the suggestion that businesses check to see that their payroll provider has a fiduciary bond in place.  And, of course, the IRS reminds us that emergency plans should be updated.

One of the really big challenges facing credit unions, and all businesses for that matter, is that there are so many regulations being thrown at them that it is easy to forget the ongoing obligations that were imposed just a few years ago.  I’m sure many of you know that Appendix B to Part 749 of NCUA’s regulation requires credit unions to prepare for a catastrophic act.

I’m also sure many of you can pull out a policy or program adopted by your credit union in response to this requirement.  But how many of you have done annual testing or updated the plan?  I know you are all busy, but if you can find the time, you might save some much needed money and prevent operational headaches the next time the storm of the century hits.

On that note, your faithful blogger is headed to North Carolina to watch a few rounds of the U.S. Open in Pinehurst courtesy of a good friend’s tickets and his own sister’s hospitality.  Look for another post a week from Monday.  In the meantime, in the immortal words of George Costanza, I’m sure you could use the break.

Entry filed under: Compliance, General, Regulatory. Tags: , , .

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Authored By:

Henry Meier, Esq., Senior Vice President, General Counsel, New York Credit Union Association.

The views Henry expresses are Henry’s alone and do not necessarily reflect the views of the Association. In addition, although Henry strives to give his readers useful and accurate information on a broad range of subjects, many of which involve legal disputes, his views are not a substitute for legal advise from retained counsel.

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