Compliance guidance to COVID-19 questions
Top threads from the CUNA Compliance Community.
It’s hard to believe it was only three weeks ago when I posted a blog about the interesting coronavirus (COVID-19)-related discussions in CUNA’s Compliance Community.
Back then we were talking about keeping our lobbies safe, disinfecting our ATMs, and dealing with staffing issues should large-scale school closings occur (which at the time seemed far-fetched).
Today, most credit union lobbies and schools have closed, and we are now focused on helping our members through this COVID-19 related economic crisis.
CUNA’s Compliance Community will keep you up to date on all of these issues. In a rapidly changing situation, it’s important to have a dynamic resource that’s as flexible as the changing requirements.
Here are some recent threads on the Compliance Discussion Board:
- Loan advances against stimulus checks.
- How stimulus checks will impact credit unions’ net worth.
- COVID-19 “essential employee” letter.
- COVID-19 hardship extensions and negative amortization.
- Collection efforts and COVID-19.
- Skip-a-payment options for indirect loans, credit cards, mortgages, and other loans.
- Drive-thru window guidelines.
- Poll regarding compliance staff working remotely
- Suspicious activity reports and other Bank Secrecy Act monitoring issues.
- Closed lobbies leading to unintended “walk-up” windows.
- How to address staff with a COVID-19 diagnosis.
- Handling large cash withdrawals.
- Moving to online account opening.
- Reversing fees in response to COVID-19.
- Families First Coronavirus Response Act small business exemption.
- Access to safe deposit boxes;
- Staff travel restrictions and self-quarantine.
- Mortgage forbearance agreements.
- Credit reporting and suspended mortgage payments.
- Extension on delinquent loans.
- Allowing all members to use mobile deposit.
- Structured cash withdrawals due to COVID-19 fears.
- Late payment reminder notices.
- Excess share insurance.
I wonder what discussion topics will surface in another three weeks.
Stay safe and stay well.
COLLEEN KELLY is CUNA’s senior federal compliance counsel.