YOUR WEEKLY UPDATE FROM MONTANA'S CREDIT UNIONS | May 22, 2020
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Here we are at Memorial Day weekend and just over a week from the start of Phase 2 of Montana's reopening plans. I know that you all have been working hard to put a plan in place as you reopen your lobbies,
let us know
if there's anything we can do.
Today, I have a big ask of CEOs — please fill out our COVID-19 Economic Impact Survey next week (you'll get the link on Tuesday). We'd like to get 100% participation so we have a good snapshot of the kinds of services you've provided your members and communities. We're also collecting stories that put a face to that support — to make it easy, we've put a special
form on our website
for you to use.
MCU staff will be off on Monday for Memorial Day. Enjoy the long holiday weekend.
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PHASE TWO OF REOPENING MONTANA
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Governor Bullock announced this week that Montana will move to
Phase Two
of the Reopening the Big Sky Plan on June 1 and released a
Directive on Implementing and Establishing Phase Two of Reopening
. Though much will remain the same, there are significant changes. Most notably it will be okay for groups of up to 50 to gather and the travel quarantine will expire on June 1. Some businesses will be able to operate at 75% capacity and childcare facilities can increase the number of children they're caring for. Read the Directive to figure out how Phase Two might impact your operations.
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FROM THE NCUA SMALL-DOLLAR LENDING PRINCIPLES
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SMALL-DOLLAR LENDING PRINCIPLES:
On Wednesday, NCUA joined other federal financial institution regulatory agencies in issuing principles for offering small-dollar loans in a responsible manner to meet financial institutions customers' short-term credit needs. Included are reasonable loan policies and sound risk management practices. You can get more details in this
CUNA News article
.
NCUA BOARD APPROVES PCA FLEXIBILITY:
At its meeting yesterday, the NCUA Board moved forward on some future relief for credit unions impacted by COVID. The board adjusted a couple temporary final rules to establish a streamlined Prompt Corrective Action plan process for credit unions whose net worth falls below 6% due to a short term increase in shares and consumer flight to safety. The rule sunsets on December 31 and gives NCUA's regional directors the flexibility to require a full restoration plan if a credit union's net worth continues to fall. In other action, board members did not approve a change to overdraft regulations that would have removed the 45-day policy requirement and also issued a proposal for evidence of joint accounts under the share insurance regulation that better aligns NCUA’s rule with the FDIC's rule.
This summary
has more details along with the share insurance fund report.
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HELP TAXPAYERS GET THEIR MUCH-NEEDED REFUNDS
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The IRS and many states (including Montana) have extended the tax filing deadline to July 15. Tell taxpayers who've not yet filed about
IRS Free File
. If they made less than $69,000 in 2019, taxpayers can access IRS Free File from their smartphones, tablets, or computers to prepare and file their taxes online, for free, while capturing all credits and deductions for the best refund. By filing online and using direct deposit, taxpayers can receive their refund in 21 days or less.
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Watch
this video
from Marie Osmond in which she thanks credit unions for their ongoing support of CMN Hospitals — her message and the numbers are amazing!
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Three of Sky FCU's branches (
Big Timber,
Bozeman
, and
Livingston
) did some fun videos to lighten up and build morale through all of this COVID-19.
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YOUR DUES DOLLARS AT WORK
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The HYPE community's next quarterly Zoom meet-up is coming up. Jeremy Presta, president and CEO of Park Side CU, is slated to talk about leadership — and the luck he's had, the opportunities he's taken, and the lessons he's learned in his "journey from a 'young punk kid' to an 'older somewhat wiser kid.'"
Register for the Zoom call
and get ready to join other young professionals (and Jeremy) on June 9 at 10 a.m.
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UPCOMING MCU EDUCATION OPPORTUNITIES
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VIRTUAL COMPLIANCE CONFERENCE (JUNE 10):
If you're a compliance officer, you won't want to miss our
Virtual Compliance Conference
! You'll hear from industry experts and can interact with your peers from across the state. June is almost here, so register now and reserve your spot.
CEO ROUNDTABLE (AUG. 26-28):
Registration is now open for this year’s
CEO Roundtable
, in Helena. It’s more important than ever that Montana’s credit union CEOs collaborate and discuss the successes and challenges of the industry. The weekly CEO calls we’ve been hosting have been very well attended and lots of good stories, questions, and ideas have come from discussions during these calls. This event allows us to meet in person and continue these conversations. Hope you will join us!
SMALL CU WEBINAR RESCHEDULED (SEPT. 15):
Finding Your Niche as a Small CU
is now 10 to 11:30 a.m. on September 15. Sign up to learn how your credit union can identify its strategic focus. Best of all, it's free.
POWER UP ANNUAL CONVENTION & EXPO (OCT. 19-21):
Come to Helena in October for some Montana credit union camaraderie at our annual Power Up Conference. The event kicks off Monday with MCUCD’s FUNdraisers and the expo. Tuesday is full of stimulating speakers and fun events, and the conference wraps up on Wednesday with more great speakers. Check out the
Power Up webpage
for all the details and registration info. Early-bird pricing ends July 31.
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WANT TO EXPAND YOUR CREDIT UNION?
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Want to expand your credit union’s field of membership?
CUCollaborate
offers a variety of consulting services ranging from field of membership expansion to branch strategy. Contact our partners at CUCollaborate and find out how they can help your credit union grow. And, remember, their services are a benefit of your MCU membership dues, so it's smart to take advantage!
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SAVE WITH A SERIES FROM CU WEBINAR NETWORK
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You can purchase webinars individually or you can save by registering for one of the
numerous training series
our partner CU Webinar Network is offering. If you register for a full series, you receive six webinars for the price of five. If you register for a four-part series, you'll get 10% off.
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EDUCATION, EVENTS, & OTHER INTERESTING STUFF
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The Flatpack Arts Festival would have taken over Birmingham UK this week, but because of COVID-19, they've
brought it online
.
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Check out what's new this week on
our website
. We're continuing to add webinars and other resources almost every day.
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A few photos from Horizon CU's Toilet Paper Caper a few months ago.
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Along with social distancing,
Horizon CU
and its employees have been busy practicing "community engagement COVID-19 Style." Rolling out smart, targeted programs that helped them remain connected with their community partners and make an impact in the communities. Programs like …
TOILET PAPER CAPER:
Early on when toilet paper was a scarce commodity, the credit union partnered with its distributor to secure about 3,900 rolls of TP that they donated to six different Meals on Wheels programs to distribute to seniors in the community.
LOCAL HEROES, LOCAL BUSINESSES:
Horizon's 15 branches each selected local first responders to surprise with a meal or treats purchased by another local business. They then used social media to thank the local heroes and promote the local businesses.
LEARN AND EARN:
Horizon conducted some socially distanced financial education with a month-long online contest that required participants to complete five education modules. They had four weekly winners and a grand prize winner. The grand prize winner also got to choose a charity of their choice to receive matching dollars.
In addition, the credit union identified and made an extra donation to 36 of its community partners who were still open and serving clients (mostly food banks and Meals on Wheels programs). Talk about an admirable approach to community engagement and a creative application of the #CUDifference!
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CEOS AND MANAGERS, WE NEED YOUR HELP!
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Next week we're aiming to have 100% participation in our COVID-19 Economic Impact Survey (this past week,
20 credit unions reported in
). We're gathering this information to use in advocacy, and already it's making a difference in conversations I've had with lawmakers and regulators. But, we want — and need — to get a solid picture of the difference Montana 's credit unions are making. So, please, when you receive the email from Kendra Edlin on Tuesday morning, click on the link and take the survey (or get someone on your team to do it). We want all of your efforts to be counted.
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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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