Association’s compliance team committed to assisting CUs through coronavirus pandemic

compliance

 As cases of coronavirus continue to climb throughout the state and elsewhere, the New York Credit Union Association remains committed to assisting member credit unions in any way it can, including assistance with compliance matters.

The Association is aware that the focus of credit unions has shifted from routine day-to-day compliance concerns — involving activities such as cashing checks, promotions, advertising and disclosures — to pandemic planning and assisting members in a variety of ways. Yet reduced staffing at credit unions also add challenges to maintaining operations and member-facing services.

“Lobby restrictions and closings are questions we are replying to this week, as well as guidance on limiting member cash withdrawals,” said the Association’s compliance department.

The Association’s compliance department also continues to receive numerous questions in light of the coronavirus, including topics related to:

  • the possibility of postponing annual meetings;
  • board approval on items, such as updating rates, if a board cannot physically meet;
  • how to handle delays in filing NCUA call reports;
  • deferment options for members;
  • waiving fees;
  • guidelines for closing branches or limiting hours; and
  • pandemic planning/disaster recovery.

The compliance team is urging credit unions to always consider safety and soundness for the institution as it is making member decisions on deferments, account access and of course safety of the staff.

Additionally, it is critical that credit union management is documenting their decisions and has in place the due-diligence and support behind those choices, because the examiners will be asking.

In a letter to member credit unions last week, Association President/CEO William J. Mellin reiterated that the Association and its Affiliates remain open for business. “Pandemic or not, we are here to serve you and help your credit union succeed,” wrote Mellin. “The Association is closely monitoring developments at both the state and federal levels that may affect your credit union’s operations, just as we’ve always done.”

The Association has compiled a list of resources, information and guidance for New York credit unions, all of which is available on the Association’s website.

 

 

 

 

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