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Subject: Interagency White Paper on Sound Practices to Strengthen the Resilience of the U.S. Financial System
Date: April 8, 2003
To: Chief Executive Officers and Directors of National Banks, Department and Division Heads, Examining Personnel, and Other Interested Parties
Description: Business continuity sound practices developed by the FRB, SEC, and OCC to ensure the continued functioning of critical financial services
Today, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency (OCC) and the Securities and Exchange Commission, issued the attached Interagency Paper on Sound Practices to Strengthen the Resilience of the U.S. Financial System. The Paper, which applies to key financial firms and market utilities considered critical to ensure the continued functioning of settlement and clearance functions supporting critical financial markets, identifies the following four steps necessary to protect the U.S. financial system from the systemic effects of a wide-scale disruption:
The sound practices addressed in the Paper are supported by certain expectations regarding time to recovery, geographic diversity, and implementation timetables for those firms covered by its terms. These expectations will be discussed with the firms involved as part of each agency's ongoing supervisory process.
For more information, call the OCC's Bank Technology Division at (202) 874-5920.
Ralph E. Sharpe