DOBI Issues Bulletin, Requests State Charters Provide Disaster Recovery Contact Information

TRENTON, N.J. – The Department of Banking & Insurance (DOBI) has issued Bulletin 17-03 to state chartered financial institutions including credit unions, and selected other licensed financial services providers, reminding them of the importance of identifying and providing DOBI with the names of a primary and secondary contact person, as well as, the phone numbers and email addresses at which those individuals may be reached in the event of a disaster or catastrophic event.  

According to practices established by DOBI Bulletin 16-08, all state chartered financial institutions are required to prepare and maintain a disaster preparation plan to address all reasonably foreseeable risks to business continuity in the event of a catastrophic event. 

The latest bulletin requests that state chartered institutions and licensees provide DOBI with updated contact information within 30 days.       

 

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