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Financial Institution Letters

Lessons Learned from Hurricane Katrina:
Preparing Your Institution for a Catastrophic Event
FIL-49-2006
June 15, 2006


Summary: The Federal Financial Institutions Examination Council (FFIEC) member agencies and the Conference of State Bank Supervisors have jointly produced a booklet of the lessons that financial institutions learned in the aftermath of Hurricane Katrina. Institutions may find the booklet helpful in considering their readiness for responding to a catastrophic event. The booklet will soon be mailed to each FDIC-supervised institution and is available electronically at http://www.fdic.gov/regulations/resources/lessons/index.html.

Highlights:
  • While the financial industry has responded admirably to recent natural disasters, the unprecedented magnitude and duration of a catastrophic event like Hurricane Katrina can cause major disruptions that exceed the scope of some financial institutions' disaster recovery and business continuity plans.
  • Lessons Learned from Hurricane Katrina: Preparing Your Institution for a Catastrophic Event is a compilation of experiences that bank officials encountered in the aftermath of Hurricane Katrina. Bank management may want to consider these lessons learned when reviewing its institution's disaster recovery and business continuity plans to better assess its preparedness for a catastrophic event.
  • The lessons learned should not be construed as new regulatory requirements, nor do they supplant or modify the guidance provided by the FFIEC in its Business Continuity Planning booklet.
  • A booklet will be mailed to each FDIC-supervised institution via the U.S. Postal Service. Additional copies of the booklet can be ordered through the FDIC's online Customer Assistance Form at www2.fdic.gov/starsmail. Please categorize the request as "Other Inquiry," reference the publication name, and specify the number of copies requested (up to a limit of five copies) in the narrative box on the form.
  • For questions, call (877) 275-3342 or (703) 562-2200. (Select "Copies of FDIC publications or documents.")

Distribution:
FDIC-Supervised Banks (Commercial and Savings)

Suggested Routing:
Chief Executive Officer
Chief Financial Officer
Chief Information Technology Officer

Related Topics:
FFIEC Business Continuity Planning Booklet at www.FFIEC.gov and the Interagency Supervisory Guidance for Institutions Affected by Hurricane Katrina at www.FDIC.gov

Attachment:
None

Contact:
Examination Specialist Beverlea S. Gardner at bgardner@fdic.gov or (202) 898-3640

Printable Format:
FIL-49-2006 - PDF 30k (PDF Help)

Note:
FDIC Financial Institution Letters (FILs) may be accessed from the FDIC's Web site at www.fdic.gov/news/news/financial/2006/index.html.

To receive FILs electronically, please visit http://www.fdic.gov/about/subscriptions/fil.html.

Paper copies of FDIC FILs may be obtained through the FDIC's Public Information Center, 801 17th Street, NW, Room 100, Washington, DC 20434 (1-877-275-3342 or 703-562-2200).



Last Updated 03/21/2007 communications@fdic.gov