YOUR WEEKLY UPDATE FROM MONTANA'S CREDIT UNIONS | March 20, 2020
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This week, coronavirus and how credit unions can respond effectively and safely in order to prioritize the financial and physical well-being of their staff and members has been at the top of everyone's list.
So, this issue of the President's Report is all COVID-19 related …. We've got news, and links to a wealth of resources, including communication materials you can use and two highly-recommended webinars: one on pandemic planning and one on HR in the time of coronavirus (you'll find links below in the "Your Dues Dollars at Work" section).
MCU's physical office is closed and all of my staff are working remotely. Thanks to the beauty of telecommuting, though, we haven't slowed down. We're all connected and ready to serve you.
Don't hesitate to reach out to any of us
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PRESIDENT SIGNS FAMILIES FIRST RESPONSE BILL
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After the Senate quickly approved the
Families First Coronavirus Response Act (
which passed the House a couple days ago), the President signed the bill overnight. While some details have yet to be ironed out, we do know that this Act included changes to support those affected by the coronavirus, whether they are sick themselves, caring for family members who is sick, or caring for a child at home due to school and day care closures. The legislation also makes tax credits available to employers and employees to assist them in dealing with the related financial impact. For more details,
read this article
from Leavitt Group.
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NCUA LETTER TO CREDIT UNIONS
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On Monday, NCUA released a
Letter to Credit Unions
and
FAQs
on COVID-19. The letter encourages credit unions to work with affected borrowers and outlines a number of strategies for credit unions to consider. The letter makes NCUA's stance clear — its examiners won't "criticize a credit union's efforts to provide prudent relief for members when such efforts are conducted in a reasonable manner with proper controls and management oversight."
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Credit union leaders across the movement are being asked 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 you are exemplifying you people-helping-people philosophy by understanding how credit unions are altering branch hours and services, and extending financial support to members, and serving their communities.
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COVID-19: MEMBER ACTIVATION PROGRAM
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CUNA has prepared another version of the COVID-19 MAP template to help credit unions update your membership. These communications are meant to provide reassurance and comfort to your members, and MAP offers the perfect channel. CUNA has temporarily updated the setting of its
MAP Community
so that those not enrolled can still see the resources. I encourage you to consider using the
MAP Toolkit
to assist in your communication with members. For more information,
contact Karen.
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Looking for
ways to inform
your members about your response to COVID-19? We've developed some lobby signs, Facebook graphics, and templates for press statements as well as email auto replies.
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Our website
has information for you to use as you prepare for the potential impact on your employees, members, and your ability to deliver critical financial services. We're constantly updating it, so check it out.
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Read why Chief Economist Mike Schenk urges credit unions to
exercise caution
(and not over react to the potential effects) when responding to the COVID-19 crisis.
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Gigi Hyland, the executive director of the National CU Foundation
outlines
what credit unions can do to help people's financial well-being as they weather the crisis.
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YOUR DUES DOLLARS AT WORK
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PANDEMIC PLANNING WEBINAR HELD
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We held a free webinar for our credit unions this week. Becky Frederick with the Minnesota Credit Union Network provided an overview of the COVID-19 situation, recommended measureS, and guidance on business continuity. The recorded session is available in our
Compliance Training Tools
page or
contact Donya
for a link.
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Yesterday, MCU's HR community held a call to discuss the HR challenges posed by COVID-19. They were joined by two attorneys who are legal consultants for the MCUL Group Benefits Trust, understand employment law, and have close ties to physicians in the U.S. through VezaHealth. The two shared the unique perspective this gives them on the COVID-19 pandemic. If you're interested in the information from the call, you can read the handout
Employers' Most Common Coronavirus Questions Answered
and
watch the video
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Due to COVID-19, we have decided to reschedule our
Power Up Conference & Expo
for later in the year. We will not be meeting May 13-15 in Billings. Instead, we will hold Power Up October 19-21 in Helena at the Delta Hotels by Marriott. Once we have the agenda and registration details finalized, we will update you. Our fall conference, Be Fierce, will be rescheduled for October 2021. Thank you for your support and patience.
We are closely monitoring the coronavirus information and will keep you posted as we decide whether to move forward with all our scheduled conferences and events for the remainder of the year. If you have questions about Power Up or any other scheduled events,
email Ranel
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TIMELY WEBINARS FROM OUR PARTNER
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While we may not be hosting any in-person training and events in the near future, your credit union still has access to quality, affordable training to help support you and your staff. Here are a few new webinars that our partner, the CU Webinar Network, has added to their schedule of trainings in response to COVID-19 and its repercussions for our industry.
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EDUCATION, EVENTS, & OTHER INTERESTING STUFF
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The CU Webinar Network is offering a
free recorded webinar
to help financial institutions strengthen their pandemic preparedness policies.
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Join the Minnesota CU Network, The Baker Group, and Deep Future Analytics for a free presentation and conversation on March 26 from 1-2:30 p.m. MDT.
Register here
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If there's one thing that we know for sure, it's that the credit union system is always looking out for members, employees, and volunteers. We are a creative group, always willing to find ways to adapt and meet the needs of our communities when the need arises.
Helping Staff: In response to the current situation, many of our credit unions have closed their lobbies, have staff working remotely, and are holding virtual board meetings. And, now that schools and daycares are closed, some are allowing staff to bring their children to the office and some have adjusted their PTO, sick, and vacation leave (one is giving 10 extra days of “coronavirus” PTO, another isn’t charging sick, PTO, or vacation for any time-off in March).
Helping Members: And, of course, Montana credit unions are also helping their members in a number of ways. Quite a few have certified financial counselors that are ready to help members figure out their finances. And, credit unions reported providing direct relief for members in a number of ways, including granting emergency and interest-free 12 month loans, loan extensions and modifications, increasing limits at ATMs and for check availability and cash delivery amounts and waiving fees and withdrawal penalties.
Also, take a moment to read this
NCBA/CLUSA blog post on the cooperative spirit and how much it matters in a time like this.
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The best tweet I read this week: A school superintendent said something profound in his address cancelling school for the next 3 weeks. He said: In the end, it will be impossible to know if we overreacted or did too much, but it will be QUITE apparent if we under reacted or did too little. Hear those words....
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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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