Written by Curt Long, Research Assistant
Each month NAFCU’s research staff publishes our Economic & CU Issues Monitor, which features analysis of macroeconomic and financial trends, as well as member survey data covering critical credit union topics. This month’s report focused on disaster recovery plans. Some of the key findings include:
Most respondents (95.7 percent) test their business continuity plans annually, while the remaining credit unions (4.3 percent) test twice per year. Among those responding to the survey, nearly one-third (32.1 percent) have used their plans.
Roughly one-third (35.3 percent) of respondents indicated that their credit unions intend to use mobile branching in the event of a disaster. Almost half of the respondents (49.1 percent) have arranged to share resources with other credit unions.
More than 70 percent have a plan to restock ATMs with cash during a disaster. Furthermore, 14.6 percent of respondents plan to waive ATM fees for non-members.
The economic recovery is in its third year, but growth will remain sluggish, slipping from its 2010 level of 2.8 percent to 1.6 percent. Among the 14 million currently unemployed workers, 44.6 percent have been out of work for six months or more. A much larger economic expansion is needed to reduce unemployment to a more normal level.