Compliance guidance to COVID-19 questions

Top threads from the CUNA Compliance Community.

April 9, 2020

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.