Treasury Department Updates Guidance – with forms

Last night and earlier this morning, the U.S.Treasury released additional documents for lenders participating in the Paycheck Protection Program.

The new documents include:

Both forms are outlined in the PPP Final Rule that was released on Thursday afternoon. To  automatically qualify to make PPP loans, a federally insured credit union must transmit a CARES Act Section 1102 Lender Agreement (SBA Form 3506). New lenders need to submit their application to designatedauthority@sba.gov

Once your credit union determines if you will be participating, please let us know, and if that participation is only for your current members. We anticipate questions on referrals of members to other participating credit unions and want to be able to assist with collaboration between our members.

Here is a more detailed interpretation of the interim rule from CUNA’s CompBlog.

Find all our coronavirus resources at http://mwcua.com/coronavirus

Treasury Department Issues Guidance

The U.S. Treasury Department and the Small Business Administration have finally released their long awaited guidance for the Paycheck Protection Program (PPP).

We have been working with our state governments to help compile a list of available lenders that are participating or planning to participate in the program in order to connect small businesses with available lenders.  As you review this guidance please let our team know as soon as possible if you will be offering PPP loans.  We expect this program to be in high demand throughout the country.

New Webinar: New FMLA Families First Requirements for Paid Leave Effective April 2, 2020

The Families First Coronavirus Response Act is effective on April 2. Are you ready? Do you know the requirements? Learn what you need to know about complying with this latest consequence of the U.S. COVID-19 epidemic. This webinar, taking place on April 1st, will include: – Covered entities, – Potential small employer exemption, – Breakdown of the new leave rules and benefit calculations, – Coordination with existing leave regulations, – Rules upon an employee’s return to work, – Employer financial relief, and – Penalties for noncompliance. Learn more and register today.

AZ & CO Credit Unions Deemed Essential Services

We have been working closely at the state level to ensure that as cities and states begin to close more “non-essential” businesses and people are asked to shelter at home, that credit unions are deemed an essential business and allowed to remain open to serve members. On March 23, Denver Mayor Michael Hancock issued a “stay-at-home” executive order ordering all city residents to stay inside their homes except for essential reasons.

As of March 23, both Arizona Governor Doug Ducey, and Colorado Governor Jared Polis have signed executive orders deeming credit unions among the list of “essential” businesses allowed to remain open and provide services under those shelter orders and business closings.

In certain individual cases, we are working to determine solutions for credit unions that are unable to offer drive-thru services, or those whose physical locations are in facilities that may close to the public.

Arizona’s Executive Order

Colorado’s Executive Order

MWCUA Cancels Annual Meeting & Convention amid COVID-19 Pandemic

It is with great disappointment, but out of an abundance of caution, that the Mountain West Credit Union Association leadership has decided to cancel its 2020 Annual Meeting & Convention, which had been planned for April 22-24. At MWCUA, our members’ health and safety is a top priority. As part of protective measures being taken globally following the World Health Organization’s classification of the spread of the Coronavirus (COVID-19) as a pandemic, we have made this decision to keep our members, employees, and communities safe. This includes rescheduling of the Foundation’s golf tournament. We are currently exploring those options. Additional follow up messages will be shared as we secure details for this fundraising event.

MWCUA credit unions assistance, member service information during COVID-19 pandemic

We are all being impacted by the COVID-19 crisis. Many member credit unions of the Mountain West Credit Union Association are offering assistance to those impacted, or are having to make changes to accommodate member service. Below is more information on these items provided by our member CUs. We encourage visiting each credit union’s website for more information.

All our member resources on the Coronavirus Pandemic can be found here.

 

Arizona

Arizona Federal Credit Union – Branches limited to drive-thru, ATM and appointment only

First Credit Union –  branch lobbies closed, some services by appointment only. Drive-thru services open. ATMs and online/mobile available. Shared branching services available.

Landings Credit Union – Drive-thru, ATM and online services only

Pima Federal Credit Union – branch lobbies closed, some services by appointment only. Drive-thru services open. ATMs and online/mobile available.

Pinal County FCU – all branch lobbies closed. Drive-thru services open with extended hours. ATMs and online/mobile available.

Sunwest Credit Union – Branches closed. Drive-thru service or appointments only. Shared branching services suspended.

Colorado

Ent Credit Union – Drive-Up & ATM Service Only Starting Wednesday, March 18

Haxtun Community Federal Credit Union – annual meeting cancelled

Horizons North Credit Union – Lobby closed. Drive-up, call center, online and mobile banking all available.

On Tap Credit Union – Arvada branch closed. Golden branch appointments and drive-thru service only. ATMs at both branches and online services available

Pikes Peak Credit Union – Drive-thru, ATM (Co-Op Network) and online services only

Red Rocks Credit Union – Waterton Branch closed. Town center lobby closed, drive-up service only. ATM and online services available.

San Juan Mountains Credit Union – drive-up services only, lobby closed. Offering skip-a-pay on loans for members.

 

Wyoming

Campco FCU – closing the lobbies of all our branches. Online/mobile services and our call center are completely capable of providing all your banking needs. The drive thru and ATMS are open.

First Education FCU – lobby access by appointment only. Drive-thru, ATM and online/mobile services available.

Laramie Plains FCU – Lobbies are closed. Drive-thru service is available.

CUNA/AACUL request input on COVID-19 Response

Similar to what was happening last year during the government shut down, CUNA has begun collecting data to help provide information on what leagues and credit unions are doing during the COVID-19 situation. Earlier today, Jim Nussle and Brad Miller asked credit union leaders across the movement to share how they are equipping their members and employees amid the ongoing coronavirus disease (COVID-19) emergency. This survey by CUNA and AACUL will help us quantify just how credit unions are exemplifying their people-helping-people philosophy by understanding how credit unions are altering branch hours and services, extending financial support to members, and stepping in to cooperatively support credit unions that must close branches due to interactions with the virus.

https://www.research.net/r/covidresponse

3.13.2020 Regulatory Compliance Newletter

  • Agencies Encourage Financial Institutions to Meet Financial Needs of Customers and Members Affected by Coronavirus
  • CFPB Files Suit Against Fifth Third Bank for Unauthorized Accounts
  • FinCEN Fines Former U.S. Bank Official
  • CFPB Announces Steps to Prevent Consumer Harm
  • FATF Guidance on Digital IDs
  • InfoSight Tips
  • Virtual Compliance Update & Roundtables – March 18th

Updated Statement Regarding COVID-19 and the MWCUA Annual Meeting & Convention

The health and safety of our member credit unions, event attendees, employees, participating exhibitors/sponsors and presenters are a top priority for us. I would encourage calm and reason as we navigate this situation together.

I understand there are growing concerns and we are getting feedback from our member credit unions, and we are listening. This a rapidly evolving situation and there are many factors to consider. That said, our team is assessing a variety of options regarding our Annual Meeting and Convention planned for April 22-24 in Colorado Springs, Colorado. While we have not reached a final decision about the conference, we do intend to make one in the very near future and will update our membership as soon as we do.

In the short interim, I encourage you to utilize the many resources we have assembled for you on our website here or by clicking the tab on our home page.

We have compiled the latest information, best practices, ideas for member support, communication tips and more in this comprehensive resource area. We are recommending that credit unions review their crisis plans for maintaining operations in the event of a situation that would require limited or widespread closures of their physical facilities. In addition, we recommend designating a spokesperson for the credit union and dedicate a team to monitor the most current guidelines from the Centers for Disease Control and follow accordingly. Additionally, credit unions should be monitoring and/or in contact with their local government health agencies for more local direction regarding business impact and potential closures should the virus spread to their community.

As we continue to assess the situation, I assure you we will make the decision that is best for the health and safety of our attendees, speakers, staff and all involved. Please feel free to reach out if you have questions or concerns.

Thank you,

Scott Earl

Free Webinar on Pandemic Preparedness Now Available

Is the Coronavirus heading your way? Are you prepared? Do you have a contingency plan in place?

While the Coronavirus hasn’t been labeled a pandemic event, many are behaving as if it were.  Perception is reality. Are you ready? How do you determine the risks your management team faces? And what steps can be taken to minimize the effect on your credit union?

Plan to join in on this FREE webinar, available in a recorded format beginning on March 20. Sign up for Pandemic Preparedness: Managing Coronavirus & Other Epidemics to learn how to develop and implement such a plan. Some take-aways from this webinar include:
– Improve your business continuity plan and procedures
– Develop a detailed pandemic preparedness plan
– Take practical, easy-to-implement steps to minimize staffing issues

While this webinar is free of charge, registration is required.

To read more about this webinar and to register, click here. Or go to the webinar section on our website at:  https://cuwebtraining.com/a/mwcua/category/upcoming-webinars