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SBA Loan Info, State and Fed Updates, More Resources

The California and Nevada Credit Union Leagues have posted sample content for credit unions to use in efficiently communicating the Small Business Administration’s Paycheck Protection Program (PPP) to members who inquire. Credit unions should use it as they see fit.

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FinCEN Provides Additional Information in Response to COVID-19 Pandemic

The Financial Crimes Enforcement Network (FinCEN) issued a notice which updates FinCEN’s March 16, 2020 COVID-19 Notice, provides additional information to assist financial institutions in complying with their Bank Secrecy Act (BSA) obligations during the COVID-19 pandemic, and announces a direct contact mechanism for urgent COVID-19-related issues.  FinCEN recognizes financial institutions face challenges related to the COVID-19 pandemic.  In addition, FinCEN is committed to promoting the success of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), including the need to facilitate expeditious disbursal of CARES Act funds.  Accordingly, FinCEN will issue further information, as appropriate, as the CARES Act is implemented and questions arise.  

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Webinar: Introduction to Reporting Unclaimed Property (CA)

The Outreach and Compliance Unit (OCU) of the State Controller's Office, Unclaimed Property Division, is hosting a “Introduction to Reporting Unclaimed Property: California” webinar on April 7 and 9. 

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Financial Relief Template for Your Website

The Leagues continue to work with local and state leaders to ensure your members have easy access to information regarding the COVID-19 pandemic and their financial well-being.

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Q&As Regarding 2020 RMD Waiver

CUNA’s April 1, 2020 compliance blog provides the Q&As below from Dennis Zuehlke, ERISA compliance manager with Ascensus, to get expert information on IRAs and the 2020 required minimum distributions (RMD) waiver.

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NCUA Mandates Strict Offsite Examination Policy

In response to the COVID-19 crisis, the National Credit Union Administration (NCUA) mandated a strict offsite policy for all employees and contracted support staff as of March 16, 2020. All NCUA examinations will take place offsite through May 1, 2020 and will remain in effect until further notice. The agency will reevaluate this approach through the duration of the COVID-19 pandemic and will notify credit unions of any changes.

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Grants, Loans Available to Low-Income CUs for COVID-19 Response

Federally insured, low-income-designated credit unions can request grants and loans from the National Credit Union Administration (NCUA) to assist members, businesses, and communities experiencing economic hardships due to the COVID-19 pandemic.

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