YOUR WEEKLY UPDATE FROM MONTANA'S CREDIT UNIONS | April 3, 2020
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This week, the "fire hose" of COVID-19 Information continued, but we're getting some good information about the federal and state response and its implications for credit union operations and your members. Hopefully the information in this issue of the
President's Report
(and this Tuesday's
COVID-19 News
) will help you start to find your footing in what will be the "new normal" for, at least, the coming month …
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CONGRESS RECESSES, BUT THE WORK CONTINUES
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Lawmakers have gone home for a three-week recess, but our CUNA/League team continues to fight for credit unions. We're working to produce resources for credit unions as a result of the phase III stimulus — like understanding SBA loans. We'll continue to be as engaged as ever in congressional members' home states and districts as planning is underway for a phase IV stimulus bill.
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INTERIM FINAL RULE AND GUIDANCE ON THE CARES ACT
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The coronavirus crisis affects credit unions of all asset sizes and employees at all levels.
This eSchool
offers guidance and discussion on how to manage the unforeseen challenges that the coronavirus pandemic has created for credit unions nationwide. This eSchool is free to access as a CUNA member benefit. The first webinar (there are five total sessions) will address the
Economic & Credit Union Impact of COVID-19
. It is next Tuesday, April 7, from 1 to 2 p.m. MDT.
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MAXIMIZE YOUR SUPPORT TO ADDRESS MEMBERS NEEDS NOW
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This week, Filene hosted a webinar examining the current state of small-dollar lending opportunities and credit union liquidity in the marketplace. It contained a lot of useful material that might be of interest to your credit union. If you missed the live "show," you can still benefit: Here are links to the
webinar recording
, the
slide deck
, a
liquidity worksheet
to help you calculate a loan fund for your credit union (listen to the webinar and it will make sense), and Filene's current
analysis of credit union programs
.
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Montanans are keeping their families and communities safe and healthy by providing essential services or staying home. Responding to the census —
online, by phone, or through the mail
— is another way we can all help keep Montana strong. The state offers a
number of resources
(social media images, videos, PSAs, etc.) to help individuals and organizations get out the count. With so many working from home, this is a great time to encourage your staff and members to take a couple minutes to complete the Census.
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Filene published
a list of six things
credit unions can do now in response to COVID-19 to set their members and their organizations on a path of financial well-being.
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As much as we hope it doesn't happen, a credit union employee might contract COVID-19, Here's a thorough article from the CDC on
disinfecting your facility
.
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CO-OP Financial Services has
a couple of programs
for cardholders who need payment relief. Credit unions that enroll by April 10 can implement them in time for the May statement cycle.
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Our website
has the most up-to-date information you'll find to use as you prepare for and weather the impacts of COVID-19 on your employees, members, and your ability to deliver critical financial services.
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YOUR DUES DOLLARS AT WORK
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KEEPING THE #CUDIFFERENCE FRONT AND CENTER
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Now, more than ever, we have to tell our stories. Stories about how you're modifying loans, creating new products, offering financial counseling, and looking out for your members. CUNA, leagues, and credit unions are engaging the media to share how we're supporting millions of Americans through this crisis. I know there are countless examples of credit unions stepping up in this extremely difficult time. If you have a quick 15 minutes, I encourage you to share your insights in
our survey
. Because of your input, we sent out two letters to the editor earlier this week —
one assuring people
that credit unions were safe, open, and putting special measures into place to help members, and
one warning about fraud,
which was jointly written with the Montana Bankers and Independent Bankers associations.
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It is crucial to continue to communicate with your members during this COVID-19 crisis and keep them abreast of the latest updates. Please consider reaching out The Summit Group (TSG) for your
PR support
. In addition, CUNA’s
MAP Community
released its latest template which educates your members on what the recent stimulus package means for them. The template explains the details of the one-time stimulus payments from the government and other provisions to aid individual members during this crisis. As is the case with any MAP template, you should alter the text as you see fit to match the language you usually use when communicating with your members about the current situation facing your credit union.
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Momentum onUp is a completely free tool for all credit union employees! This financial wellness program offers credit union employees practical, easy-to-learn concepts to help them feel and become financially healthy. There are tools and tips that will make a real difference for them TODAY in all the uncertainty we are facing. If your credit union is are already enrolled, you may want to ask your staff to do some of the trainings available online. If your credit union is not using Momentum onUp yet,
reach out to Kendra
today; she can help you get your staff set up to access the program online quickly.
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WEBINARS FROM OUR PARTNER
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EDUCATION, EVENTS, & OTHER INTERESTING STUFF
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JMFA shared
some tips
on how to provide exceptional service to alleviate some of the stress your members are feeling.
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We're collecting free education resources on our website that we think are of value for credit unions.
Check it out
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Altana FCU and Heidi Knudson are taking Money Magic online this year.
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TAKING MONEY MAGIC ONLINE
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Youth Month is the busiest time of year for Heidi Knudson,
Altana FCU's business development manager, since she typically visits more than 2,000 students in classrooms across seven counties during April. Clearly, that isn't happening this year. But...regardless of the COVID-19 pandemic and school closures, the learning must go on! So, Altana has adapted Heidi's Youth Month money lessons and is sharing the "money magic" on social media. Weekly videos explain the experience, and links drive audiences to a
landing page where they can download materials and resources to engage kids and teach them to share, save, spend. Visit
Altana's Facebook page to view the videos, and feel free to use the materials you find to connect with your young savers too.
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PROVIDING EMERGENCY RELIEF FOR MEMBERS
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This week,
Embark CU
members received an email letter from President/CEO Deb Evans letting them know that all current members who were struggling to pay the bills as a result of the COVID-19 job loss, reduction of hours, or childcare expense were eligible for a $500 zero-interest loan … in minutes. It was a message of immediate help in response to immediate need and, I can imagine that it went a long way in alleviating the worry of members who are struggling to pay their bills and put food on the table while waiting for unemployment and federal aid. Talk about making a #CUDifference.
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I know all of our Montana credit unions are developing and implementing ways to help your members. If you have time,
we'd love to know the specifics
so we can share them here in the
President's Report
. Not only do you deserve the recognition, but other credit unions might follow your example.
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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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