YOUR WEEKLY UPDATE FROM MONTANA'S CREDIT UNIONS | April 10, 2020
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Even though Congress is on recess, developments on the COVID-19 front haven't slowed. Increasingly, though, our regulators and partners are releasing helpful guidance and other resources that can help you in the weeks ahead. This issue of the
President's Report
is full of them. Also, remember, all of us here at Montana's Credit Unions are working from home and ready and willing to help. Make sure you
contact us
if there's something we can do for you.
Happy Easter and Passover — While we certainly won't be celebrating the holiday in the usual manner, I hope you have a lovely weekend and are able to connect (virtually) with your friends and family near and far. Stay well!
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Agencies continue to issue guidance and alerts to help credit unions understand regulatory expectations for serving members who are struggling financially right now. This week, NCUA was part of a
revised interagency statement
on Loan Modifications and Reporting. The CFPB also issued
guidance on credit reporting
during the coronavirus with all the deferrals, skipped payments, and limitations on actions when borrowers are late. With Governor Bullock’s extension of his foreclosure and eviction moratorium until April 24, the Montana Division of Banking
issued an FAQ
to address some of the questions they have seen, including whether late fees on mortgages are allowed in Montana (hint, they are not!) while the directive is in force. The CUNA Mutual Group
risk alert on changing lending practices
also provides some practical suggestions for working with borrowers.
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Many members will be experiencing difficult situations and require assistance from their local credit union as they navigate through this pandemic. Some will need help with their finances due to a job loss or their stimulus check, while others may need to make special arrangements by video or in person to discuss their situation. When members turn to their credit union for help with their issue, it's important to incorporate empathy into your conversations and interactions with them. Here are
some tips
from Carla Schrinner, senior master trainer of Creating Member Loyalty, on empathy and how to use it effectively.
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IRS PORTAL FOR NON-FILERS
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If you know anyone who does not normally file a tax return, or hasn’t in the last two years, the IRS just opened a portal to collect their contact information. It will help with getting the stimulus payments out faster.
This page
does a good job of explaining who should use it.
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Be on the lookout for scams related to COVID-19. LSC shared some
security tips
to help make sure your members and staff are informed and protected.
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Our
latest post
lays out four ways that going cashless — especially in these days of social distancing and working from home — can benefit your financial health.
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YOUR DUES DOLLARS AT WORK
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ASSOCIATED EMPLOYERS WEBINAR SERIES
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We have secured a
COVID-19 HR and Business Survival webinar series
from Associated Employers for your use through July 1. The series consists of six short (15-25 minute) sessions that address topics that have gained new urgency or changed due to COVID-19. If you're wondering about things like "successfully supervising remote employees," "wage and hour in changing business environment," or "layoffs, reductions in force, and possible alternatives," be sure to avail yourself of this great benefit. Click on the link above for more details and instructions on how to access the series. If you have questions,
contact Renee
. We hope that you find value in this dues-supported resource.
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FREE EDUCATIONAL RESOURCES:
We continue to add timely resources to
our website
. Check out Jim Kasch’s free
Best Practices During the Pandemic
webinar recorded specifically for Montana’s credit unions where he shares some ideas, thoughts, and best practices to consi
der
while facing the COVID-19 pandemic. Some of you may recognize Jim, he spoke at our 2016 CEO Roundtable and the 2019 MonDak Roundtable.
COVID-19 RESOURCE PAGE:
If you're looking for a quick stop to get updated information, our
Coronavirus Resource Page
is the place to check first. We're updating it regularly (often multiple times a day) with links to recent developments and resources you might need as both a credit union and an employer. This week, we added a "Lender Resource" section that includes SBA links and information and a "Scams & Fraud" section to note known scams related to the pandemic.
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CONSIDER CUNA MUTUAL GROUP A RESOURCE
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CEO CALL & COVID PAGE:
Susan Hochsprung, from CUNA Mutual Group, joined our CEO call this week. She discussed CUNA Mutual Group’s support and response during the COVID crisis and encouraged credit unions to visit their
COVID Page
for updates, product-specific questions, employee resources, and more. Their company continues to be a strong supporter of credit unions and is, once again, going above and beyond to help in this trying time.
OFFICE HOURS:
Join CUNA Mutual Group’s Senior Risk Consultants as they answer your questions and discuss critical risk topics surrounding COVID-19, such as flexible work arrangements/remote work, growing scams and fraud trends, loan-specific pandemic mitigation, children in the workplace, and shifting to remote service offerings. There will be
two sessions
— but April 15 is currently sold out, so register quickly for April 16 at 9 a.m. (MDT) or
sign up
to get a link to the recording.
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THE BAKER GROUP – CU STRATEGIES FOR THE SECOND QUARTER
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Join the Baker Group
on April 16 at 9:30 a.m. (MDT) for an update on the economic picture and a discussion about its possible impact on your balance sheet and investment portfolio in the next 90 days. Credit union CEOs, CFOs, investment officers, board members, and those who are directly or indirectly responsible for financial management functions will benefit from this free 90-minute webinar.
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Stay ahead of fraud throughout COVID-19 by joining the next
FraudBuzz webinar
hosted by CO-OP Financial Services. Their panel will provide the inside scoop on the latest happenings with fraud and how to protect your credit union members. It's scheduled for April 16 at noon (MDT).
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EDUCATION, EVENTS, & OTHER INTERESTING STUFF
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Our completely free financial wellness program for your staff offers online training.
Contact Kendra
if you want details.
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CREDIT UNIONS SUPPORT THEIR COMMUNITIES
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Staff at Russell Country FCU
get ready to enjoy a morning treat from a local coffee shop.
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A happy Billings FCU member poses with his prize, ready to patronize local businesses.
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Ravalli County FCU staff take
a lunch break with locally
made sandwiches.
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Over the past weeks, credit unions across Montana have done an amazing job of keeping the idea of "shop local" top-of-mind for their communities. The support we see you giving on social media is simply heartwarming.
Here are some examples …
VALLEY CU is running a series of ads on social media that highlights local businesses in their area that are open and ready to serve the community. You can check out their incredible
Facebook support.
BILLINGS FCU supported local businesses in their area on “small business gift card day,” April 3, by putting together a bouquet of local gift cards and giving it to lucky member Mark, who was thrilled to win the prize.
RAVALLI COUNTY FCU is ordering lunch for their staff two days a week from local restaurants. Their Facebook page also encourages members to tag local shops with the hashtag #SupportingRavalliCountyBusinesses.
Thank you to all for providing genuine home grown examples of the #CUDifference across the state.
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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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