INFORMATION & RESOURCES ON COVID-19 | May 12, 2020
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This Tuesday afternoon eNews has the most recent developments, news, and resources that MCU staff have collected — things that won't wait for Friday's President's Report. If you've missed an issue,
the links
are on our website.
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GUIDANCE, UPDATES, AND INFO YOU CAN USE
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CUNA ADVOCACY UPDATE:
Congress is trying to get back to work this week, and there are a number of things happening that could affect credit unions — NCUA Chair Rodney Hood testified before the Senate Banking Committee today and the process has begun on Phase IV recovery legislation or the CARES 2 Act. Listen to the weekly
Advocacy Update
from Ryan Donovan, CUNA's chief advocacy officer, for a short, detail-filled summary of what to expect. On a side note, NCUA
announced
last week that military personnel will now count towards a credit union's ability to qualify for the low-income designation.
MBL EXEMPTION BILL:
Last Friday, a bill was introduced in the House to exempt credit union business loans related to the pandemic from the member business lending cap for one year. The Senate is slated to introduce a companion bill next week. CUNA News has
more information about the legislation
and its possible implications.
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INTERPRETIVE RULE ON TRID AND TILA WAIVERS:
The CFPB issued an
interpretive rule
that clarifies when consumers can elect to modify or waive certain required waiting periods for some mortgage loans due to the COVID-19 pandemic. The interpretive rule is effective immediately, and the NCUA issued a
Regulatory Alert
that provides more information about how the CFPB's action affects credit unions.
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- Conducting daily health checks,
- Conducting a hazard assessment of the workplace,
- Encouraging employees to wear cloth face coverings in the workplace,
- Implementing policies and practices for social distancing in the workplace (if appropriate), and
- Improving the building ventilation system
The guidance offers a wealth of good, actionable information that businesses can use to plan, prepare, and respond to the pandemic.
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WELL-BEING OF U.S. HOUSEHOLDS:
On Thursday at 1 p.m. MDT, experts from the Federal Reserve will share key findings from both the annual Survey of Household Economics and Decisionmaking and the Fed's special supplemental survey (fielded the first week of April) of individuals and household regarding their financial well-being in response to the COVID-19 pandemic.
Register for the webinar
A LOOK AT MONTANA'S ECONOMY:
On Friday at 10 a.m. MDT, the Montana Chamber of Commerce and the Bureau of Business and Economic Research will hold an "essential business education" webinar that will address Montana's reopening plans, our economic recovery, and the impacts of the COVID-19 pandemic on our state's economy.
Register for the webinar
.
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TOGETHER TUESDAYS from THE FOUNDATION
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In
this week's Together Tuesdays video
, Bob Trunzo, president & CEO of CUNA Mutual Group, praises the frontline workers of the credit union movement and reflects on how inspiring their hard work is.
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REMOTE WORK CONSIDERATIONS AND CONCERNS
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CUNA MUTUAL RISK ALERT ON BUSINESS EMAIL SCAMS:
With credit union staff working remotely, business email scams are on the rise — fraudsters have jumped on the opportunity to exploit weak security measures and pursue (especially newer) remote workers who aren’t familiar with proper security protocols or follow lax controls. This recent
Risk Alert from CUNA Mutual Group
offers details and some tips and resources to mitigate your risk. It's worth your time — MCU staff have received several emails in the past month that appear to be from me for “urgent matters”; fortunately, they are on to this and haven’t responded!
CUNA WEBINAR ON ALTERNATIVE WORK ARRANGEMENTS:
COVID-19 has forced credit unions to develop alternatives to the 9-5 office environment. What may have been resisted and frowned upon just a couple months ago, is quickly turning into a new long-term reality. Join CUNA on June 4 at 10 a.m. MDT for a
free webinar
which will address these alternative work arrangements and identify policy considerations.
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To make sure these important links stay at your fingertips, we're going to keep them at the bottom of this weekly email. If we introduce links above that we feel belong here, you'll see them in this list in the next issue.
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MONTANA-SPECIFIC RESOURCES
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This is an internal publication of Montana's Credit Unions intended for our affiliated credit unions and their official family. For more information, call us or visit our website.
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Montana's Credit Unions | 800-745-5547 | montanascreditunions.coop
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