YOUR WEEKLY UPDATE FROM MONTANA'S CREDIT UNIONS | May 15, 2020
|
|
As Montana continues its cautious, phased reopening, there are a lot of news and resources for you to stay on top of. A couple to note include a tool from the CDC to help employers make reopening decisions and the "Stay the Course" campaign from the Montana Hospital Association. Finally, next week is the deadline to apply for up to $10,000 from NCUA to help meet needs created by the COVID crisis in your community. There are more details and links below.
Montana credit unions and credit union people are doing an awesome job helping your members and community while keeping everyone as safe as possible. We here at MCU are proud to support you in that work so please
let us know
if there's anything we can do.
|
|
|
The CDC continues to provide updates and i
nformation to assist businesses
with dealing with COVID. This week, they added a workplace
decision tree
as an easy visual for steps your credit union may want to take before opening lobbies to the public safely. In addition to their cleaning guidance and business FAQ, there are many more links available on employee and general business topics.
|
|
The Montana Hospital Association launched a public service campaign (with commercials starring actor Jeff Bridges) urging Montanans to remain vigilant against the coronavirus threat as the state eases restrictions. The website,
StaytheCourseMontana.com
, offers tips on staying healthy, what to do if you’re sick, information about testing, how the public can help through donations and volunteer efforts, and provides additional links to leading state and national resources. This is another great resource to share with your staff, members and community.
|
|
This week saw developments in Washington with the House releasing the new stimulus bill – the fourth since COVID-19 shutdown. The House Democrats
introduced their plan
for phase 4 and they plan to vote on it today. While there are some good measures in the initial draft bill — like $1 billion allocated to the CDFI Fund — there's a lot lawmakers can do to make this better for small businesses and credit union members. We’ll continue to monitor and watch for news from the Senate as they begin work on recovery legislation.
|
|
HELP THE UNBANKED OR HOMELESS GET THEIR MONEY
|
Here’s a
great guide
for helping individuals who are homeless and/or unbanked access their economic impact payments. If your credit union is working with community organizations supporting unsheltered populations (domestic violence or homeless shelters, etc.) make sure to share this resource. We’d also like to hear from you if you are already doing something to serve this underserved population.
|
|
CFPB ISSUES COMPLIANCE STATEMENTS
|
This week the CFPB issued a couple of statements that give credit unions help with their compliance efforts.
One
discusses regulatory changes to Reg DD and Reg CC that benefit consumers and can be implemented without advance notice to members. While credit unions are subject to NCUA Part 707 (not Reg DD for Truth in Savings), it's likely that the intent and positive change for consumers would be the same and NCUA may make a similar statement soon. The CFPB also issued a
broader statement
that included information on timing delays for billing error notices with merchants being closed and short-staffed. The overarching message is about regulatory flexibility during our national emergency.
|
|
REMITTANCE THRESHOLD INCREASED
|
Although not directly related to COVID, the CFPB recently finalized its remittance rule. Effective July 21, the rule increases the threshold for compliance from 100 up to 500 remittances per year. Even though many of our Montana credit unions report they are under the current 100 threshold, the change is still welcome since it gives those who are close a little more breathing room. You can read more on
our blog
.
|
|
DEADLINE APPROACHES – APPLY FOR A CDRLF GRANT
|
Eligible low-income credit unions have until May 22 to apply for Community Development Revolving Loan Fund grants to meet their needs and needs of their members during the COVID-19 pandemic. The NCUA is committing $1,375,000 for grants to COVID-19-related efforts (which means the agency will not make grants in the traditional categories in 2020), NCUA will review and make awards on a first-come, first-served basis until the funds are gone (Grasslands FCU
has already received one
). The maximum award is $10,000, and credit unions should review the
agency’s grant guideline
s prior to making your applications.
|
|
The 31 credit unions that filled out our survey this week
reported
that they've provided more than $144.8 million in relief to members who have been financially affected by COVID-19.
|
|
Are you wondering how your board can help your credit union's management during a crisis? Guest blogger Jeff Rendel offers some thoughts and suggestions in
this week's post
.
|
|
YOUR DUES DOLLARS AT WORK
|
|
We are excited to announce that MCU has created an online training for any credit union employees looking to become a notary or to renew their notary commission. As of July 1, State law will require everyone to have four hours of notary training prior to taking the test, and the Montana Secretary of State's Office has approved this training to meet the new requirement. The training consists of four webinars, designed so that credit unions can train their employees as needed at their convenience. They'll be available on our website very soon.
Contact Kendra
with any questions.
|
|
The COVID-19 pandemic has changed how all credit unions do business. Join
POPi/o
, a CUNA Strategic Services provider, for
a webinar
on May 27 at 9:30 a.m. MDT and learn how POPi/o video banking can help credit unions engage members while still providing them with high quality products and services.
|
|
HYPE COMMUNITY: CHECK OT THIS UPCOMING CRASH
|
Crash Filene's
The Art + Science of Organization
on June 16-17. This virtual and interactive event from Filene's research centers for Operations and Talent will tackle the biggest factors impacting the way credit unions run and the impact this has on their employees. You will have a chance to join virtual facilitated sessions to put ideas you have learned into action plans that can be taken back to your organization. Crashers will participate in additional content with a focus on networking and leadership development. This event is great for Finance and Human Resources focused career paths.
Apply by June 10
.
|
|
UMACHA PAYMENTS UNIVERSITY GOES ONLINE
|
Payments University
is a cornerstone of UMACHA's education! This two-day virtual event on May 21-22 is perfect for new employees or your most experienced ones. Take a look at this video for more information on the event and review
the agenda
for complete session descriptions and speakers.
|
|
Our partner, CU Webinar Network, offers a wide range of webinar topics but they know not all of them interest you. Choose which topics you see by selecting only the ones you’re interested in. Click on the link “Manage Your Email Preferences” located on the bottom of any of their webinar marketing emails. Be sure to check out their updated list of
upcoming
and
recorded
webinars.
|
|
EDUCATION, EVENTS, & OTHER INTERESTING STUFF
|
|
If you’re not already offering a prepaid product, now would be a good time to start. Discover how prepaid cards from LSC can help you stay
connected to members
.
|
|
|
A trip to Paris this spring is probably not in the cards, but you can take
a virtual tour
of Louvre's exhibition rooms and galaries.
|
|
The THiNK Virtual Resource Hub is now available. You can access this and other great resources on
our website
.
|
|
|
|
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.
|
|
|
Montana's Credit Unions | 800-745-5547 | montanascreditunions.coop
|
|
|
|
|
|
|
|
