Several credit unions in Washington have been affected by the widespread scam.
Nancy Degrandi, CUCE, BSACS, breaks down eligible TDRs amid the pandemic.
More information is available to credit unions on the IRS website.
The update includes information on payments sent to incarcerated individuals, non-resident aliens, or those who died before the payment was received.
Credit unions will not be criticized by examiners for providing relief to borrowers as long as such efforts are conducted with proper controls and management oversight.
Credit unions can read a detailed overview of the law as well as a FAQ that covers common questions.
Credit unions should communicate proactively with employees to verify that remote work is being done securely and provide guidance and assistance as needed.
The statement encourages financial institutions to work constructively with borrowers affected by the coronavirus.
FinCEN will continue outreach to regulatory partners and financial institutions to ensure risk-based compliance with the BSA and issue additional new information as appropriate.
The CDIA’s COVID-19 resources webpage provides guidance for furnishers who report information about consumers.
Appraisers are encouraged to communicate with their clients and follow public health recommendations.
Credit unions should work constructively with borrowers and members in affected communities
Credit unions should review the updated guidance as it relates to MLA-covered loans.