YOUR WEEKLY UPDATE FROM MONTANA'S CREDIT UNIONS | April 24, 2020
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It's been a busy week. Governor Bullock released a plan for a "phased approach" to "
Reopening the Big Sky
," which allows retail businesses to reopen their communal spaces this Monday; Congress approved more money for coronavirus relief; and regulators continue to issue rules that give you a little more flexibility to help your members. We know that you've also been busy … and there's no slowdown in sight. I hope this issue finds you well and has information you can use.
Remember, we here at MCU are eager to help. We are working to provide additional information to assist you when you're ready to reopen. If there's something else we can do for you, make sure to
contact us
.
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REG D TRANSFER LIMIT ON HOLD
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he Federal Reserve just issued an
Interim Final Rule
to amend Regulation D to delete the 6-per-month limit on transfers from the “savings deposit” definition. The rule allows your credit union to immediately suspend enforcement of the six transfer limit to let members make an unlimited number of convenient transfers and withdrawals from their savings deposits during this time when financial events associated with the coronavirus pandemic make such access more urgent. There are no mandatory changes to deposit reporting associated with the amendments, and this change is effective when the rule is published in the Federal Register.
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PPP UPDATE AND CALLS WITH OUR SENATORS
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Yesterday, the fourth coronavirus relief package cleared Congress, and the President is expected to sign it today. The bill provides $320 billion to restart SBA’s Paycheck Protection Program (along with funds for hospitals and coronavirus testing). This is good news for all the small businesses and their employees who need relief. Thanks to everyone who participated in CUNA's
Action Alert
and reached out to our Congressional delegation to advocate for more funding.
TALK TO OUR SENATORS:
We've been able to schedule two calls giving our credit union CEOs the chance to talk to Senator Daines (today) and Senator Tester (on Tuesday). If you have questions about the calls,
contact me
for more details.
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ECONOMIC IMPACT PAYMENT RESOURCE
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The Treasury Dept. will begin sending out Economic Impact Payment checks soon, and fraud is expected to be more common as the payments shift to mailed paper checks. Make sure your frontline staff are well aware of the security features on Treasury checks — here's a
recent press release
from the Secret Service that has lots of helpful detail. You can sign up to participate in the
Treasury Check Verification Application
(TCVA).
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Consumers need to make sure they're protecting themselves and their money.
Our blog
lays out six ways consumers can guard against online fraud. Please share it.
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It's Volunteer Appreciation Week, and
our blog
sends out a big THANK YOU to all the credit union board members who play critical roles at their credit unions.
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YOUR DUES DOLLARS AT WORK
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MCU VIRTUAL COMPLIANCE CONFERENCE
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When it comes to compliance, learning never stops. Compliance officers should register to join their peers from across Montana for this interactive, virtual event on June 10.
Review the agenda and register
.
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RESOURCES AND HELP FROM CUNA
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CREDIT UNIONS VOTE
: CUNA launched "Credit Unions Vote" earlier this year to urge credit union members to vote in the 2020 elections … and, since Montana's primary election is just over a month away (on June 2), now is a great time to send your members to
creditunionsvote.com
. It's easy: just download and customize the
long
or
short
version of the template. On the website, your members can make sure they're registered and learn about mail-in and absentee ballot options, which is especially important now since Montana's 56 counties
plan to use mail ballots only
for the primary.
eSCHOOL TO PUT EMPATHY INTO ACTION:
Empathy is one of the greatest and most reliable tools credit unions have…and people will need it more than ever in the coming months. That's why CUNA and the National Credit Union Foundation are partnering in the new
Putting Empathy into Action During a Pandemic eSchool
. In four, 1-hour sessions (between April 28 and May 7) participants will explore empathetic leadership and best practices for organizations and individuals during the pandemic. It starts next week, and all credit union professionals should register (it's free for CUNA members).
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ULTIMATE QUARANTINE PLAYLIST
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We all have songs playing through our heads each day, and during this pandemic it’s no different. Our staff had some fun coming up with a
playlist of 12 songs
that seem like the perfect way for all of us to survive these days at home. Although the songs are incredibly different in genre and by various artists, common themes crop up across all of them. Many songs are about isolation and physical distancing. Hopefully you enjoy this playlist as much as we did making it.
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COMPLETE YOUR 2020 ACH AUDIT REMOTELY
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Did you know your mandatory annual ACH audit can be done remotely? Jamie Herbert, UMACHA'S associate director of compliance services, lives and works in Billings and has over 10 years in the financial services industry. Jamie is available to help you maintain social distancing during your audit while also helping save money on travel expenses. Your audit will be conducted with minimal interruptions, and communication will be via email (or two to three short phone calls) and secured file transfer protocol.
Contact Jamie or another member of the UMACHA team
.
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RATE RESET DISCOUNTS LOAN MODIFICATION PROGRAM
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Rate Reset
knows it is a stressful time at your credit union. That is why they’re offering 50% off implementation fees and no subscription fees for two months.
Contact them for the details
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WEBINARS • WEBINARS • WEBINARS
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Our partner, Credit Union Webinar Network, has been working tirelessly to offer timely and valuable webinars in response to COVID-19 and the operational challenges credit unions are facing. Be sure to check out their updated list of
upcoming
and
recorded
webinars.
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EDUCATION, EVENTS, & OTHER INTERESTING STUFF
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If last night's draft whetted your appetite
for some gridiron action, you can access
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Montana Health FCU
members got the great news this week that they could apply for some "relief right now" if they were experiencing financial difficulty during the COVID-19 economic shutdown. The credit union has joined forces with their philanthropy card partners and Alloya Corporate Credit Union to offer qualifying members a grant up to $200 to pay a bill or two. The credit union’s hope is that the program will ease a bit of stress during this period of uncertainty. To learn more, visit the
Relief Right Now tab
on Montana Health FCU’s website. What a great investment in the well-being of your members, Dennis and team, you're truly
People Helping People
!
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MAKING AN ECONOMIC IMPACT IN MONTANA
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Our credit unions continue to make a huge impact across the state — I know you're all very busy serving your members, helping them make ends meet during this pandemic. Twenty credit unions shared with us this week the ways they are helping ease the pain for their members.
They reported
almost $25 million in emergency loans, payment extensions, fee waivers, and mortgage and commerical/business loan forbearance. We know that every single credit union in state has stepped up in amazing ways to get Montanans thru this time. Thanks…keep up the good work!
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I know all of our Montana credit unions are collecting stories as you help members. If you have time,
please share them with us
… we want to be able to spread the word here and in our contacts with regulators and our Congressional delegation.
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Last week l
ight artist Gerry Hofstetter
projected the American flag onto the 14,692 foot tall Matterhorn in the Swiss Alps as part of a nightly series designed to show the town of Zermatt's support for everyone suffering and those fighting the pandemic. He's been lighting up the famed peak with different images each day since March 24.
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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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