COVID-19 Resources & Updates for Credit Unions 

Paycheck Protection Program

• ABA: SBA Releases Promissory Note, New FAQs on PPP Implementation 
• Compliance Courier: Paycheck Protection lending opens 4/3, CUs can apply to participate
• Compliance Courier: PPP developments and resources
• Compliance Courier: PPP Loan Forgiveness Application Released
• Compliance Courier: PPP rules and guidance updated, along with ACH FAQs
• Compliance Courier: New NCUA rules on capital/MBLs address PPP lending
• Compliance Courier: NCUA Letter to Credit Unions addresses PPP developments
• Journal of Accountancy: AICPA Issues Guidance on Accounting for Forgivable PPP Loans
• NCUA: Letter 20-CU-06 SBA Loan Programs to Help Small Businesses and Members During the COVID-19 Pandemic
• SBA: Paycheck Protection Program Interim Final Rule | Compliance Courier
• SBA: Paycheck Protection Program FAQs
• SBA: Guidance Memo XML File Submission Process for Paycheck Protection Program
• U.S. Treasury: Paycheck Protection Program, with overview, information sheets for lenders & for borrowers, and loan application | Compliance Courier
• U.S. Treasury: Interim Final Rule Regarding Additional Criterion for Seasonal Employees

OCU Guidance

• Compliance Courier: OCU addresses PPP lending, board meetings, and other pandemic issues
• OCU: COVID-19 Resource Guide | Compliance Courier

Regulatory Changes - Mortgages

• CFPB: CFPB Paves Way for Consumers Facing Financial Emergencies to Obtain Access to Mortgage Credit More Quickly | Compliance Courier
• Compliance Courier: On hold - Foreclosures, TDRS, and quarterly HDMA reporting
• NCUA: Federal Banking Agencies to Defer Appraisals and Evaluations for Real Estate Transactions Affected by COVID-19 | Compliance Courier

CARES Act

• Compliance Courier: CARES Act changes rules on credit reporting
• Compliance Courier: CFPB issues FAQs on CARES Act, credit reporting, and investigating disputes
• U.S. Chamber of Commerce: Guide to Employee Retention Tax Credit
• U.S. Chamber of Commerce: How Small Businesses will Benefit from the CARES Act

League Compliance Tips

• Compliance Courier: Authorized vs. unauthorized debts
• Compliance Courier: Credit unions can discourage or delay large cash withdrawals
• Compliance Courier: Credit unions can limit safe deposit box access during pandemic

Stimulus Payments

• Compliance Courier: Applying stimulus deposits to negative balances; accepting expired driver's licenses
• Compliance Courier: COVID-19 payments question - Setoff, closed accounts, and non-members
• Compliance Courier: IRS, Treasury give guidance on stimulus payments to deceased people

Regulatory Changes - Reg. D

• Compliance Courier: Fed deletes Reg. D six-per-month limit on savings transfers
• Compliance Courier: Fed - No plans to re-impose Reg. D transfer limits

Mortgage Forbearance/Deferral/Extension

• Compliance Courier: New loan modification agreement accommodates extensions, deferrals, or re-amortization of WCUL notes

Credit Union Annual Meetings

• WI DFI: DFI Issues Emergency Guidance on Annual Meeting Requirements
• WI DFI OCU: Additional guidance on credit union in-person annual meetings | League letter
• WI DFI OCU: Remotely Conducted Exams and Guidance on In-Person Annual Meetings

Remote Notarization

• WI DFI: DFI Issues Emergency Guidance on Remote Notarization | Compliance Courier

Collection

• WI DFI: DFI Issues Emergency Guidance on Debt Collection Practices | Compliance Courier

Scams & Fraud

• Compliance Courier: Criminals Targeting Mobile Banking Apps
• Compliance Courier: International Ring Bilks State Unemployment Agencies
• Compliance Courier: Staff and members should watch out for coranvirus scams
• Compliance Courier: FinCEN identifies red flags for unemployment insurance fraud

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