Inspiring hope for our members

Inspiring hope for our members

A recent Gallup poll reveals that 76% of credit union members have experienced a great deal or fair amount of disruption from COVID-19. 64% of members say they're "suffering" or "struggling" compared to just 36% that are "thriving". Conducted in March, this poll doesn't even tell the full story.

The wave of financial suffering that has crashed down on millions of Americans is devastating, but as financial first responders, credit unions are doing incredible things to help brace for impact. And that's something we should talk about every day – but also celebrate at the right moments, like International Credit Union Day (ICU Day). 

This week, CUNA and World Council of Credit Unions announced this year's ICU Day theme: Inspiring hope for a global community. On October 15, 2020 we'll come together to recognize our global community. 2020 stands to be a difficult year, but also a defining one as we rise to support members – and each other -- around the world through unprecedented challenges.

NCUA supports CECL, CLF, MBL, other priorities 

CUNA and Leagues always work extremely closely with NCUA, and that's been especially true as we help credit unions serve members through the COVID-19 crisis. 

• NCUA sent a letter to Senate Banking Committee Chairman Mike Crapo outlining a number of recommendations we've advocated for that Congress should take to support our movement during COVID-19.
• NCUA Chairman Rodney Hood sent a letter to the Financial Accounting Standards Board calling for credit unions to be exempt from complying with CECL. 
• NCUA Board Member Todd Harper addressed the Mountain West Credit Union Association's Annual Meeting where he expressed support for extending or making permanent the Central Liquidity Facility provisions in the CARES Act and exempting the member business lending cap during this crisis.

CFPB responds to CUNA request on mortgage origination

We've been pushing the CFPB to loosen regulations so credit unions can provide quick support to members during this pandemic, including through conversations I've had with Director Kraninger and by sending several letters. This week, the CFPB issued an interpretive rule clarifying that consumers can exercise their rights to modify or waive certain required waiting periods under the TILA-RESPA Integrated Disclosure Rule and Regulation Z rescission rules.

Pushing Treasury on EIPs

We joined other trade associations in sending a letter to Treasury Secretary Mnuchin urging for more clarity in certain operational areas of the economic impact payments. These payments are serving as lifelines for many Americans right now, and we need Treasury to smooth the process to make sure our credit unions and eligible members are supported. 

Donovan: What was and is is not what will be

I encourage you to read a piece by CUNA Chief Advocacy Officer Ryan Donovan in CU Insight on how despite all the uncertainties, our movement can define our future and there's no doubt it'll be founded in our "people helping people" philosophy. 

CUNA Solutions offering remote options

As you might imagine, we've been proactively working to pivot many of our face-to-face events to eSchools and digital formats. Despite the impossibility of getting together in person these days, credit unions are highly engaged in webinars, eSchools, and other online CUNA offerings like CPD Online and CUNA Training Bundle. So, while we announced today more live event postponements, know that we are working to shift, innovate, and plan so that we can support credit unions' immediate and future-focused needs.

The following events have been postponed. Details are available on our COVID-19 Resource Center: 

• CUNA Cybersecurity Conference with NASCUS (June 1-3) 
• CUNA Digital Marketing School (June 1-4) 
• CUNA Technology Council CIO / Operations & Member Experience Council COO Forum (June 3-4) 
• CUNA Management School – Madison (July 12-22) 
• CUNA Business Lending Certification School (July 20-23)

The Unequal Impact of COVID-19

CUNA Senior Policy Analyst Samira Salem shares a special edition Economic Update focused on how COVID-19 is disproportionally effecting vulnerable groups at faster rates and what credit unions can do to help ensure these members they have a sound financial partner during this crisis.

Foundation releases Impact Report for 2019

The National Credit Union Foundation released its Impact Report for 2019. I want to highlight the fantastic work that went into this report by the Foundation team and as always commend the efforts of everyone involved in these programs.