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Chairman Johnson Encourages Credit Unions to Participate in Pandemic Exercise

Alexandria, VA. July 25, 2007 - The U.S. Treasury will sponsor a test of the financial services sector's ability to withstand a bird flu outbreak or other pandemic. The online exercise aims to bring together large and small credit unions and banks, brokers, insurers and other financial services firms to examine contingency plans for a number of areas, including continuity of operations, transportation, telecommunications, human resources and energy. Using a secure website, from September 24, 2007, through October 10, 2007, the test will simulate development of a potential outbreak.

“I encourage credit unions to consider participating in this industry-wide exercise,” Chairman JoAnn Johnson said. It will provide an excellent opportunity to test your continuity of operations plan, identify potential areas for improvement and learn from the experience of others.” 

This is a free, voluntary exercise. Participating financial institutions will conduct the exercise anonymously using electronic mail and a secure website. Detailed information about the exercise and registration is available at:  www.fspanfluexercise.com. While registration is open through August 31, 2007, early registration is encouraged.  

The National Credit Union Administration is the independent federal agency that regulates, charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, also operates and manages the National Credit Union Share Insurance Fund (NCUSIF), insuring the deposits of nearly 86 million account holders in all federal credit unions and the majority of state-chartered credit unions.