WASHINGTON – State and federal regulators, government agencies and various credit union trade groups continue to roll out resources in response to the outbreak of coronavirus (COVID-19). The resources include tips for members to guard against scam. CUToday.info is centralizing many of the resources available. Readers can find links and more information, below. This list will be regularly updated, with the newest content additions appearing first.
Overview of CU Efforts
CUToday.info has compiled a natonal overview of credit union efforts to support members here.
CUNA Releases Webinar on Paid Leave Requirements
A webinar on paid-leave requirements can be found here. The webinar is free.
CUNA, Leagues Launch COVID-19 Response Center
WASHINGTON–CUNA and its state leagues have created a COVID-19 Response Center here.
Vidoes Cerated by CUs in Pacific Northwest
SEA TAC, Wash.–The NWCUA has created videos featuring former NCUA board member and aimed at reassuring members here.
Michigan Videos, Digital Resources
The Michigan league has created a series of videos and digital resources that can be viewed here.
CO-OP Offers Resources
CO-OP Financial Services has created a COVID-19 resources page here.
NAFCU Resources Page
NAFCU is offering resources, links here.
CUNA Resource Page
CUNA has launched a resource page for information and other materials on the coronavirus (COVID-19) disease as they become available.
League of Southeastern Credit Unions
In Florida, Alabama and Georgia, the League of Southeastern Credit Unions & Affiliates has launched a Coronavirus Preparedness Resource Area, which can be accessed on its website by member credit unions. The site includes facts about the virus and its spread; business continuity and disaster recovery; protection and prevention; member support; and tools to communicate effectively about the virus.
NCUA Q&A on Coronavirus-Related Issues
NCUA has published a Q&A related to a host of coronavirus issues. Story is here.
California & Nevada Leagues
The California and Nevada leagues are offering coronavirus-related resources here.
NASCUS Resources
The National Association of State Credit Union Supervisors (NASCUS) has made numerous resource links available here.
CrossState CU Association Resources
The CrossState Credit Union Association has created a full page of resources here.
Scam Alert
FinCEN has issued a warning over coronavirus related scams to both members and financial institutions. The story can be found here.
Resources for Reference
- National Credit Union Association (NCUA) Letters to Federally Insured Credit Unions (No. 08-CU-01 and No. 09-CU-13) Regarding Pandemic Planning and Disaster Preparedness and Response AIRES Questionnaire (Click on “AIRES Exam Questionnaires,” then “Open,” then double-click on the “Question” Excel worksheet, then “Disaster Preparedness” in the middle column)
- Federal Financial Institutions Examination Council (FFIEC) Business Continuity Management Booklet
- Occupational Safety and Health Act (OHSA) Guidance on Preparing Workplaces for an Influenza Pandemic
- World Health Organization (WHO) coronavirus disease (COVID-19) advice for the public
- Center for Disease Control and Prevention (CDC) coronavirus webpage
NCUA Letter
NCUA's most recent letter to credit unions can be found here. CUToday.info's coverage can be found here.
Risk-Assessment Checklist
Jeff Owen of Rochdale Paragon Group has put together a risk-assessment checklist around implications of the coronavirus. The full checklist is here.
Vizo Financial
In Middletown, Penn., Vizo Financial Corporate Credit Union said it has taken a number of steps, and has a specific business continuity plans in place. “While we cannot share our specific plans, we do have a Business Continuity Program Summary that you are welcome to review,” the company said.
Vizo further said it has implemented enhancements in its workplaces to help protect the health and wellness of its employees, including ensuring personal and workspace hygiene, as well as increasing the frequency of cleaning at all of its locations. “We also have other options at our disposal, including social distancing when possible, holding virtual meetings and even working remotely or refraining from coming into the office if showing any symptoms of illness,” Vizo said.
Finally, Vizo said its operations are set up so credit unions “will be able to reach us with no interruption of service. Our call center, our helpdesk hotlines and our after-hours support services will continue to be available despite the Coronavirus outbreak. In addition, many of our solutions are housed in our online member access network, Zephyr.”
CU*South
In Fairhope, Ala., CU*SOUTH said its pandemic response plan includes the ability for everyone involved in the company to 100% telecommute. “In addition to core services, CU*SOUTH offers collaborative services that are core agnostic, including IT Support, collections and lending support, daily accounting and back office support,” the company told CUToday.info. “We can also reach across our CUSO and the cuasterisk network to help identify credit unions that may also have surplus capacity.”
Guidance From FFIEC
The Federal Financial Institutions Examination Council (FFIEC), of which NCUA is a member, has released updated guidance identifying actions that financial institutions should take to minimize the potential adverse effects of a pandemic.
The guidance can be found here.
“Pandemic preparedness is an important part of a financial institution’s business continuity planning,” the FFIEC said. “The guidance provides the Council’s prudent expectations that regulated institutions should periodically review related risk management plans, including continuity plans, to ensure their ability to continue to deliver their products and services in a wide range of scenarios and with minimal disruption.”
Scam Reminder from CU Association of the Dakotas
The Credit Union Association of the Dakotas (CUAD) is reminding its member credit unions to alert their members to fraudsters seeking to exploit the coronavirus for their own advantage. Those fraudsters look to take advantage of fear, anxiety and the unknown surrounding the coronavirus and will target members via phone calls, texts, emails, websites, and even mail or faxes, the CUAD noted.
“Email and phone scams include phishing for personal information by impersonating health officials,” reminded the CUAD. “Donation requests to fund emergency plans have also been reported. Emails falsely claiming the virus is in the recipient's area encourage clicking a link and entering an email password to read more.”
The CUAD it reminding credit unions the FTC has information available on How to Recognize and Avoid Phishing Scams and Coronavirus scams – what the FTC is doing.
Advice on Protecting Consumers
WASHINGTON–The Consumer Federation of America is reminding consumers the “coronavirus may spur travel disruptions, price-gouging, and scams. Consumers should be aware of how the virus could affect their wallets as well as their health and be prepared.”
CFA offers these tips to help consumers cope:
- Check travel cancelation and refund policies. “If you have booked a flight, cruise, train trip, tour, hotel or other travel arrangements and no longer wish to go because of concerns about the virus or because the event you were attending has been cancelled, you are not automatically entitled to refunds or credits. Companies set their own cancelation and refund policies, but many are now making exceptions in light of the situation. Contact the businesses to ask about your options. You may also have protections as a benefit from your credit card issuer. If you haven’t made travel plans yet, ask companies how they will handle cancelation requests before you book.”
- Report price-gouging. “In some states, price hikes for certain necessities are illegal if the governor has declared an “emergency.” Even in the absence of an official emergency, your state or local consumer protection agency may want to hear about sudden increases in prices for items such as face masks, sanitizing products, and essential household goods. You should also notify companies such as eBay and Amazon if you notice that sellers using their platforms are offering such products at exorbitant prices.”
- Investors beware. “In times of wild market swings, consumers may be vulnerable to scare tactics designed for lure them into “safer” investments that in reality have hidden risks and costs. For example, salespeople might prey on people’s fears to sell them annuities by claiming that these products “do not lose value like stocks” or are “no cost” investments, neither of which is true. Contact your state securities regulator if you have questions about investment offers.”
- Watch for other scams. “Crooks take advantage of hot topics in the news, and the coronavirus is no exception. There are already reports about scammers sending emails pretending to be from well-known health organizations and including attachments or links which, if you click on them, can infect your computer and steal the personal information it contains. It would not be surprising to see other scams emerge, such as bogus claims for products to prevent or cure coronavirus. Be on guard for unexpected messages or offers that are suspicious and contact your state or local consumer agency advice before you respond. You can also report scams to those agencies and to the Federal Trade Commission.”
Event Cancellations and Branch Changes, As Reported March 20
Here is an update on events that have been cancelled, as well as CUs that have announced branch changes.
Branch Closures
As of March 17, here are some of the changes CUs have made in their operating hours, facilities.
CUNA Postpones Events
The trade group has created a website offering updates on its meetings here.
CCUA Postponements
In Marlborough, Mass., the Cooperative Credit Union Association announced that it is postponing its in-person events and trainings through May 1, 2020.
Going forward, the CCUA said it will be migrating a number of its educational events to its teleconferencing infrastructure “where members and CCUA staff can safely engage one another through webcasts and webinars delivered directly to members.”
In addition, the CCUA has created a coronavirus resource page.
CUToday.info Editorial Coverage
Strategies To Address Bottom-Line Effects From Coronavirus
Analyst tells CUToday.info best strategies for reacting to coronavirus' effect on bottom line is great deals, values and reduced fees, which are the keys.
What CUs Are Doing
Updated looks at what credit unions are doing in providing emergency loans, closing or adjusting facilities can be found here and here.
View From 2 Economists
ARLINGTON, Va.—Forecasting the effect of the coronavirus COVID-19 on the economy and credit unions, a pair of economists is urging CUs to recognize net interest margins will be under new pressures, and “knee-jerk reactions” need to be avoided. Indeed, the best strategy, said one person, will be for CUs to get back to their roots.” The full story can be found here.
NCUA Adjusts How Exams are Conducted
ALEXANDRIA, Va.–In the wake of risks related to the COVID-19 pandemic, NCUA is making a number of changes to protect the “health and safety” of its examiners. The full story can be found here.
Links to CUToday.info Headlines/Reporting
Other CUToday.info reporting can be found at the links below:
Now What? 2 Economists Outline Strategic Responses to Coronavirus Outbreak
New Legislation, Funding for Emergency Loans, Higher Deposit Insurance Coverage: Here’s What CUs are Discussing on Capitol Hill as Crisis Continues
Coronavirus Sidelines Original CU Agenda in Congress; White House Pressed to Provide Relief as Trade Groups Collect Stories of CU Responses
COVID-19’s Drastic Effect on Everyday Life, Business Has CUs Raising Compliance Questions
How is COVID-19 Affecting You and Your Members, And How Have You Responded? CUToday.info Invites Feedback
Here Are Early Lessons CUNA Has Learned in Having Staff Work From Home
Nussle has Praise for CUs as ‘Financial First Responders’
CU Responses to Virus Outbreak Includes Branch Visits by Appointment Only, Shorter Hours, Emergency Loans
New Jersey Fast-Tracks Measure to Temporarily Halt Evictions
Proposals Call for Direct Payments of $1,000 or More to Many Americans
Numerous Branch Closures, Changes Announced, Including at One CU With Members at the Frontline of Fight
Federal Agencies Announce Steps to Ensure Credit to Households, Businesses, Including Creation of Commercial Paper Funding Facility
Maine’s CUs, Bankers Issue Joint Statement to Reassure Consumers
Banks Pledge to Put Stock Buybacks On Hold and to Use Capital to Help Struggling Consumers, Business
Calif. Governor Signs Executive Order on Evictions During Coronavirus Outbreak
Berger Offers Update on Congressional, Fed, NCUA Reponses to Coronavirus
Plan to Send Money to Americans Moves Forward; HUD/FHFA Suspend Home Foreclosures
More Credit Unions Introduce Emergency Loans, Announce Branch Closures
Details Get Clearer Around Plan to Send Checks to Some Americans
CUNA Raises Concerns Over 'Flood' Into CUs from Americans With Fed Gov't Checks to Deposit; Regulators from 5 Continents Hold Discussion
New York Announces Sweeping New Rules Around Mortgage Payments, Student Debt, ATM Fees
Buyer of NCUA Taxi Medallion Portfolio to Offer Payment Holiday
CU Strategic Planning Pushes Congress to Expand CDFI, CDRLF Funding
Cherry Blossom Run Won’t Run; Other Events Cancelled; More CU Branch Changes
FDIC Chair Urges FASB to Delay Certain Accounting Rules
Reg Agencies Add Yet Another Liquidity Tool; Fed Enters Into Agreements With More Countries
American Share Insurance Postponing Onsite Field Exams
Massive Stimulus Package Remains in Negotiations; Debated Measures Include Size of Checks, Ban on Overdraft Fees & More
As Senate Hammers Out $2-Trillion Aid Package, Trade Groups Working to Ensure CUs are Included and No ‘Unintended Consequences’
CUs Continue to Respond With Hardship Loans, Times Reserved for Older Members, and More
NAFCU Economist: Negative GDP Growth Coming; Card Fraud Findings May be Useful in Coming Months
CUNA Economist: ‘No Way to Sugarcoat It, Huge Shock’ to Have Implications for CUs
How is COVID-19 Affecting You and Your Members, And How Have You Responded? CUToday.info Invites Feedback
CUNA Presses NCUA to Take Additional Steps in Response to Pandemic
One CU Reports More Than $500K in Relief Loans; ‘Open Your Eyes’ Initiative on ‘Pause,’ Meeting Cancelled and More
Banks Also Offering Relief, Assistance
FHFA Announces New Moves Designed to Ensure Liquidity in Housing Markets
Credit Unions Must be Designated as Essential Services, CUNA Tells State Leadership Groups
Trade Groups Caution Good Intentions May Undermine Safety & Soundness
Survey Finds Coronavirus Already Having an Effect on Americans’ Finances, Concerns
Coronavirus Pandemic Driving More Visa, Mastercard Traffic
CU People Helping People: Here's an Overview of What Credit Unions are Doing
Michigan’s CUs Launch Radio, TV, Digital Ads Reminding Resources, Help Available During Coronavirus Pandemic
Horizon Cares’ Program Among Latest Efforts to Help Members; CU’s New Videos Show Sanitation Procedures
Here's How Coronavirus Pandemic is Affecting Where People Are Spending Money, According to PSCU Analysis
Riverview CU Intro’s New Program to Help Members Affected by Coronavirus; Plus Other New CU Efforts
First Commerce Give Employees Funds to Use in Community (at a Distance) as part of #LocalStrong
CUs Ask About Fed Funds to Cover Their Own Payrolls, While Also Seeking to Participate in SBA Loans for Small Biz
Here’s the Sobering (But Also Encouraging) Message from One Doctor to Member CUs of the CCUA
First Community CU Hosting Local Gift Card Giveaway to Support Small Biz
Former NCUA Board Member in Video Aimed at Reassuring CU Members in Pacific Northwest; Nussle Appears in National Interview
CUSG’s CUBE TV Studios Offering Series of Free Videos Reinforcing the CU Message
In Ukraine, CU Members Have No Access to Their CUs—Including Online
Here are the Latest Assistance Programs From CUs; Company to Sterilize ATMs
Connecticut CUs Join in Statewide Mortgage Relief Program
CUNA, Leagues Launch COVID-19 Response Center
International Regulators Responding to Requests for Delays in Various Rules, WOCCU Reports
Iowa’s CUs Announce Grants to Help Members; Other CUs, Vendors Announce Special Offers, Assistance
Pennsylvania’s CUs Part of Commonwealth’s New ‘PA CARE Package’
CUs in Illinois, Florida Helping Address Shortage of Medical Masks
PSCU Releases Updated Data on How Coronavirus is Affecting Member Spending
CUs Encouraged to Warn Members of Growing Financial Scams Related to Coronavirus, Government Checks
Filene Offering COVID-19 Resources, Including ‘6 Things to Do to Get on Path to Financial Well-Being’
Answers to CU Compliance Questions Resulting from Coronavirus Are Provided by CU Service Network
Boston Fed President Has Tough View on Economic Recovery
WCU Unveils ‘Hazard Pay for Heroes’ for Employees Who Must Go to Work
Pandemic Has Americans Turning to Digital Offerings, But Usage Depends on Income, Education
Concerns Over Pace of Paper Checks, Potential for Infection Raised by Trade Groups in Letter
Trade Groups, Credit Unions Wrestling With Numerous Challenges Around PPP
The Pandemic Response: Corporate Shows How Planning Has Paid Off; Foundation Sees Surge in Apps for Grants; CU In #LocalStrong Initiative, & More
FYI, FAQs on PPP Ready to Read ASAP
Maryland’s CUs Join in State Relief Program offering Mortgage Forbearance, Fee Waivers and More
NCUA: PPP Loans Don't Count Against MBL Cap; Agencies Issue Statement Clarifying Borrower Accommodations
SFCU Adds Walk-Up Windows at 2 Branches Where Lobbies are Closed
In Op-Ed, Texas CU CEO Says SBA Needs to Simplify PPP Process for Lenders
During MDDCCUA Town Hall, Senator, Regulators & Others Talk Tax Relief, Consumer Relief, Workplace Issues & More
Analysis Foresees Rising Defaults in Commercial Real Estate
Altra FCU Announces 20% Pay Increase for Front-Line Workers
Pandemic Help 2.0: Two CUSOs Offering New Solutions, Assistance
VyStar Joins With City to Create $50-Million Partnership Offering Small Biz Loans
‘Yes, Denver, We’re Open’ Announces Westerra Campaign; 1 CUs Bags Becoming Medical Masks; Royal CU, Corporate America Donate Funds
Three Questions (& Answers) On Coronavirus and Employment Law
When Coronavirus Pandemic Ends, Chase, United Airlines Ready With Card Offer
Here’s What One League Found in Survey of Member CUs Making PPP Loans and Working to Assist Members
Infinity CU Backs ‘We Will Rise’ Promo; CU Museum Making Masks for CU Employees; ND CUs Distribute Gift Cards; In MN, Hundreds of Thousands Helped
Desert Financial Joins with City on Small Biz Emergency Loan Program
Review Finds PPP Loans Going to Big Firms That Don’t Need the Cash, Have Paid Big Bonuses, Are Subject to Fed Investigations, or Are LA Lakers
Kentucky League Releases Video Thanking CU Employees; P&S FCU Provides Relief; CUs in Heartland Offer Financial Counseling
CUs Sign On With Rhode Island’s ‘Relief Pledge’
Teachers FCU Provides $40K in Assistance; MACU Donates Masks; Nussle Appears on CBS Program
Democracy FCU Offers ‘Community Give Back’ Program; Freedom CU Senior Managers Thank Staff; Reps Want Clarity
SECU Foundation Donates $2.5M to Coronavirus Relief; First-Ever Virtual Meeting for TX Commission; Cookie Deliveries in Florida
Naveo Creates PPP Loan Processing Team, Gets 50 Loans Approved; ICUL Creates Infographic, One CU Gets Grumpy
Suncoast Donates $1 Million to COVID-19 Relief; Wescom Provides GrubHub Gift Cards to Hospital Workers; Wheelhouse Adds PPP
Cornerstone Foundation Intro’s Series of Well-Being Programs in Response to Pandemic
Preparing to Open Branch, Main Office? Keep These Cleaning Practices in Mind
Travis CU To Match Up to $4M in Donations; Launches $1M Philanthropic Initiative; ORNL Offering Loan Deals to Healthcare Pro's, First Responders
CU’s (Socially Distanced) Scavenger Hunt Supports Local Biz; So Popular It’s Expanding
Don’t Forget ‘Diversity, Equity, Inclusion’ Lens When Offering COVID-19 Relief, Reminds CUNA Analyst
Michigan’s CUs Have Stepped In to Make PPP Loans; Canvas to Reopen Offices, River City Creates Infographic
UHFCU Employees a Bunch of Stiffs; Valley First, Horizon CU Help Local Biz; Branches Start to Reopen
Indiana League Creates $350K Grant Program to Help CUs Meet Unexpected COVID-19 Costs
Michigan League, Cooperative CU Association Compile Info,
Create Infographics to Show How CUs Are Helping During Pandemic
CUs & The Coronavirus Roundup: Saving Jobs, Extending Hours, New Relief Options and More
Elevations CU Members Can Support COVID-19 Relief Efforts Via Debit Card
Lucro Commercial Solutions Assists With $113M in PPP Loans; MBFS With $147M in Loans