One of the benefits of your credit union's League membership is access to InfoSight--a valuable online compliance resource. This newsletter contains some timely highlights, and access to InfoSight is a benefit of League affiliation, so it is password-protected. If you have a specific compliance issue or concern, contact our Consulting Department at (800) 285-5300. Replies to this email will be directed to SVP, League Services & Regulatory Analysis Joe Guilfoy .
InfoSight News
NEW: Pandemic Preparedness
An entirely new topic has been added to the Security Channel: Pandemic Preparedness . In addition to general pandemic information, you will find current information and resources related to the Coronavirus and COVID-19 including NCUA letters, FAQs, Model Policies and more. 
 
Because this situation is ever-changing, you may want to save this channel to your Topics of Interest, as outlined in a previous newsletter.
Compliance and Advocacy News and Highlights
Urgent Needs Grants Available for Credit Unions Affected by COVID-19
Federally insured, low-income designated credit unions that experience unexpected costs as a result of COVID-19 can request urgent needs grants from the National Credit Union Administration.
“The NCUA recognizes that the COVID-19 outbreak will affect all federally insured credit unions and their members to varying degrees,” NCUA Chairman Rodney E. Hood said. “If you are a low-income credit union that needs assistance during this difficult time, I encourage you to apply for these grants to ensure you can continue to meet the financial needs of your members and communities.”
The NCUA’s Office of Credit Union Resources and Expansion can provide grants up to $7,500 to low-income credit unions for:
  • Hardware, software, or other equipment to help them provide financial products and services from remote locations;
  • Consulting services to develop programs and partnerships to assist those affected by COVID-19, such as small businesses or schools; and
  • Developing marketing materials to assure members their insured deposits are safe.

Eligible credit unions also may apply for loans supported by the Community Development Revolving Loan Fund.

Eligible credit unions may apply for grants or loans through the NCUA’s CyberGrants portal .
 
Source: NCUA
NCUA Letter to Credit Unions Addresses Annual Meetings
NCUA released a letter to federal credit unions on Friday, 3/20/2020, with the following points:
 
Annual Meeting : If your credit union chooses to hold its annual meeting virtually, it may do so without meeting the in-person quorum requirement. Please use the language provided in NCUA's Letter to Federal Credit Unions 20-FCU-02 to amend your credit union’s bylaws with the new section (Article, IV, Section 6, Emergency exception to in-person quorum requirement). General quorum requirements will need to be met for all virtual meetings.
 
Postponement: If your credit union chooses to postpone its annual meeting to a later date, a credit union must amend its bylaws to reflect the postponement. Based on NCUA’s guidance, the annual meeting date can be amended by using the fill-in-the-blank options with a two-thirds vote of the credit union’s board of directors. NCUA approval is not needed. For example, a credit union can delay its 2020 annual meeting until November or December 2020 – and still meet its annual meeting requirement for the year. The change-in-date amendment can be for 2020 only – so a credit union could still return to its regular annual meeting time in 2021.
 
Elections: If your credit union has a different voting option that doesn’t account for voting electronically, a credit union may amend its bylaws. NCUA’s Federal Credit Union Bylaws offers four voting options to choose from. Please review the four voting options available to federal credit unions (Option A4 provides language for election by means other than in-person, etc.). In order to amend the voting option, there needs to be a two-thirds vote of the credit union’s board of directors.
 
If a credit union makes amendments to its bylaws it should review any cross-citations to ensure that those cross citations conform its version of the bylaws.
 
Please consider thoroughly, what changes – if any – are best for your credit union during this time. Don’t forget to cover any changes made to the bylaws in minutes.
 
Source: CUNA Compliance Blog
CFPB Publishes COVID-19 Resources
The CFPB just published a list of resources aimed to help consumers protect themselves financially in the wake of the coronavirus pandemic. These resources include advice for consumers to reach out to lenders, loan servicers and debt collectors to work out options in the event of financial hardship. The Bureau and the other agencies are encouraging lenders to work with consumers during the pandemic.
 
These resources may be an additional tool to help serve your credit union’s members as most credit unions have members struggling during this difficult time. The CFPB links to these resources are:





  Source: CFPB
Articles of Interest
CUNA's Advocacy Resources
Weekly Regulatory Advocacy Report
The Weekly Advocacy Report provides links to information about a number of recent League, CUNA and NCUA regulatory and advocacy activities. 
   
Upcoming Education Sessions
The League has several education sessions coming up. Several focus on compliance issues. They are listed in calendar format on the League website.
   
League Consulting Department Staff
(800) 285-5300
Compliance Calendar
There's more available from InfoSight
InfoSight content is available anytime to get sample policies, links to federal regulations and summaries of issues that are hot-topics at your credit union. 
 
Access to InfoSight is a benefit of League affiliation, so it is password-protected. If you don't have a password or if you have forgotten yours, click on the tan "Log In" button in upper right corner of the site; a box will open. Click on the blue wording to get your password.