Issues range from readiness to future of flood insurance
Hurricane Sandy brought devastation to many areas, and taught Manhattanites that even their concrete canyons weren't immune to Mother Nature's nastier moods. Banks in Sandy's path, woven into the fabric of communities large and small, often found themselves among the essential services that shaken citizens most wanted to see restored, after light and heat.
In an industry where institutions are examined for business recovery readiness, banks found themselves prepared for bad times. Many preparations worked, some need rethinking, and others need revamping.
Over the horizon, as cleanup and reconstruction continue, remain questions. You'll find many of these posed in the articles that appear below.
How it went: "Nothing counts like preparation
- • FS-ISAC: Force behind the scenes:
- How FS-ISAC--Financial Services Information Sharing and Analysis Center--helped maintain financial infrastructure in the wake of the storm.
- • In New Jersey: Pencils and generators
- How banks in the Garden State coped with nasty nature
- • In New York: Get cash, get warm, recharge
- As state recovers, bankers set up emergency loan fund.
• In Connecticut: Out with rugs, in with grace periods
Communicating when the power's out.
What we learned
- • After Sandy: Helping customers with insurance issues, post-disaster
- Insurance advisor Scott Simmonds gives ins and out to help answer customer questions now and in the future
- • After Sandy: Maintaining a positive customer experience
- Beyond The Arc's Steve Ramirez recounts how banks tried to ease storm's impact
Future impact—and the ongoing flood insurance compliance challenge
- • NEW! Flood Insurance Surprises Could Hurt Sandy Victims
Borrowers, builders, and bankers must all be aware of impact of Biggert-Waters law and remapping initiative, ABA warns. - • Cresting Problems For Flood Insurance
- Uncomfortable decisions blew in with Sandy, writes Common Sense Compliance blogger Lucy Griffin.
- • Revised Standard Flood Hazard Determination Form (Maybe)
- Common Sense Compliance blogger Nancy Derr-Castiglione reviews form changes from FEMA (September posting)
Aids for ABA members
- Compliance Solutions: ABA maintains an extensive member-only page of flood insurance documents and helpful links. Click here and log in for help.
- Product Solutions: ABA's Corporation for American Banking endorses the insurance services of van Wagenen Financial Services, Inc. Click here for a page listing the services plus a link to the firm's November 2012 regulatory webinar.
• ABA's Insurance Risk Management Annual Forum: Feb. 3-6, 2013, meeting includes a session called "After Effects of Sandy: An Autopsy" Read more/register
Photo credits L to R, top to bottom: Glynnis Jones / Shutterstock.com; Leonard Zhukovsky / Shutterstock.com; Leonard Zhukovsky / Shutterstock.com; Anton Oparin / Shutterstock.com; Sam Aronov / Shutterstock.com; Gina Jacobs / Shutterstock.com; Anton Oparin / Shutterstock.com; Anton Oparin / Shutterstock.com.
[This article was posted on December 13, 2012, on the website of
ABA Banking Journal, www.ababj.com, and is copyright 2012 by the
American Bankers Association.]
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