CUAD Monitoring COVID-19 Situation
by CUAD Communications
3/13/2020

Like many of you, CUAD is closely monitoring the developments and restrictions currently being implemented in response to the coronavirus (COVID-19) situation. Several members have inquired about plans regarding our events, specifically the Annual Summit Meeting scheduled for May 4-6 in Sioux Falls, SD.

 

Here is our current situation:

 

  • While we haven’t altered any of our scheduled events, we will continue to work with our venue providers, local municipalities, state government, and others to ensure we take all precautions and adhere to recommendations from the Centers for Disease Control and Prevention (CDC). 
  • Plans will be made in a timely manner when we have the proper information to assist us in an informed decision.
  • In the event we cancel or reschedule any of our events, registrants will be fully reimbursed. Please check our website and monitor your email for updates or urgent developments from the Association.

Upcoming CUAD events that may be affected:

 

  • ULEND Academy – March 31-April 1, Fargo, ND
  • Annual Summit – May 4-6, Sioux Falls, SD
  • CUAD Compliance School – May 19-20, Bismarck, ND

Additional Information: 

 

Credit unions have approached Congress regarding some potential legislative and regulatory matters that will help us serve our members in response to COVID-19.

 

  • Thursday, CUNA sent a letter to Congressional appropriators asking for an increase in the funding for the Community Development Revolving Loan Fund (CDRLF) from $1.5 million to $3.0 million and an increase in funding for the Community Development Financial Institution Fund (CDFIF) from $262 million to $300 million.
  • League staff from states with leadership on the authorizing committees are currently working with Congress on two legislative priorities to consider as it puts together further response legislation.  Specifically, we are proposing legislation to exempt member business loans made in federally declared disaster areas and during public health emergencies from the member business lending cap. We are also proposing legislation to exempt from the member business lending cap the entirety of loans guaranteed by the Small Business Administration. This may not be the complete universe of proposals we will put before Congress, but these are the first two we have sent up.
  • CUNA sent NCUA Chairman Hood a letter encouraging examination accommodations for credit unions impacted by COVID-19, capital forbearance for credit unions serving members impacted by the virus, and guidance on the ability of federal credit unions to hold virtual board and membership meetings.
  • CUNA also sent a letter to the CFPB to encourage them to finalize their remittance rule and to provide an accommodation for remittance transfers to persons overseas impacted by the virus.

CUNA and the Leagues are taking steps to assess how credit unions are preparing to serve members during this crisis. Additionally, CUNA’s respective organizations are working to keep members, customers, partners, communities, officials, media and the general public up to date with proactive/reactive steps as the spread of the Coronavirus and its status as a pandemic evolve.

 

Please contact Jeff Olson with any questions or concerns.

 

The following resources will assist in keeping you up-to-date:

 

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