Leagues' Latest Coronavirus Pandemic Efforts and Resources

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The California and Nevada Credit Union Leagues are monitoring the current pandemic around the clock as many questions are still unanswered. Since rumors are spreading daily on social media and elsewhere about local consumers’ fearful reactions, the Leagues are asking credit union leaders and employees to not overreact to “news” that has not been fully confirmed or is not true.

We are working to keep you updated so you can manage your credit union and communicate with your members:

Latest CUNA/League Advocacy Efforts
The Credit Union National Association (CUNA) sent two letters to Congress after consulting with credit unions, state leagues, and advocacy professionals across the nation. These letters reflect your concerns, some of which are being addressed as we speak. Additional concerns not listed are also being discussed, such as long-term capital needs:

  • Letter to House Financial Services Committee Chairwoman Maxine Waters.
  • Letter to Banking, Housing and Urban Affairs Committee Chairman Mike Crapo and Ranking Member Sherrod Brown.

The Leagues have also requested a temporary forbearance from enforcement under the California Consumer Privacy Act in a letter to California Attorney General Xavier Becerra.

On the state front, California Gov. Gavin Newsom has issued an executive order that enhances state and local government’s ability to respond to the pandemic. Additionally, Nevada Gov. Steve Sisolak has waived the work search requirement and wait period for unemployment insurance benefits.

On the regulatory front, please see three urgent requests made by CUNA for immediate relief on behalf of credit unions regarding sensitive regulatory items in light of the current pandemic:

Update on Fiscal Stimulus to Households
The Leagues have confirmed that both the Treasury Department and Bureau of Fiscal Service oppose paper checks being distributed to consumers under the fiscal stimulus plan being considered by Congress and the president. Some credit unions were concerned they would not have enough cash on hand to meet a surge in members immediately cashing-out these checks. The Leagues will continue to monitor this situation as the conversation turns to electronic distribution.

Important League Webinars on COVID-19
Credit unions should have appropriate staff attend the “COVID-19 Update: Guidance on Common Questions” webinar on March 24, hosted by the Leagues’ compliance services provider PolicyWorks. It will cover COVID-19 guidance that PolicyWorks is offering, including the latest credit union regulatory updates.

Also stay tuned for additional COVID-19 credit union response webinars here.

Updates to League COVID-19 Resources
Today’s additions and updates to the League Coronavirus/COVID-19 resource webpage include:

  • Resources areaNevada Health Response COVID-19 Risk Mitigation Initiative; and CUNA News Podcast: “The Economic Impact of COVID-19."
  • Frequently Asked Questions (FAQ) area: Member communications; video chat resources; and Member Activation Program (MAP) member communication letter templates.
  • Sample Emergency Preparedness Plan Content area: Sample pandemic plan.

Questions? Email our response team at COVID19@ccul.org. We are here for you as you continue serving your members during these trying times.

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