Consumer Financial Protection Bureau Issues FAQ on Credit Reporting Under the CARES Act

The FAQ comes in addition to a previously issued statement informing lenders of credit reporting requirements.

NCUA Partners with EXIM to Help Credit Unions Support Small Businesses

A series of joint initiatives will help credit unions better understand EXIM loans and resources.

Washington State DCU Issues Examination Focus Update

The update provides more details on the four focus areas examiners will review amid the pandemic.

NCUA Provides Insight on Off-Site Examination and Supervision Approach

Credit unions should review Letter to Credit Unions 20-CU-17 as it applies to off-site exams during COVID-19.

States Report Spike in Fraudulent Unemployment Claims

Several credit unions in Washington have been affected by the widespread scam.

CUNA Compliance Blog Post Dives Deep into Loan Modifications

Nancy Degrandi, CUCE, BSACS, breaks down eligible TDRs amid the pandemic.

IRS Issues Guidance on the Employee Retention Credit

More information is available to credit unions on the IRS website.

IRS Provides Update on EIP Program

The update includes information on payments sent to incarcerated individuals, non-resident aliens, or those who died before the payment was received.

NCUA Lists Strategies for Working with Borrowers Affected by COVID-19

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.

IRS Provides Information on COVID-19-Related Tax Credits for Required Paid Leave

Credit unions can read a detailed overview of the law as well as a FAQ that covers common questions.

NCUA Issues Cybersecurity Considerations for Remote Work

Credit unions should communicate proactively with employees to verify that remote work is being done securely and provide guidance and assistance as needed.

NCUA Issues Revised Interagency Statement on Loan Modifications During COVID-19

The statement encourages financial institutions to work constructively with borrowers affected by the coronavirus.

New Bank Secrecy Act Compliance Guidelines Available

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.

Credit Reporting for Members Affected by Natural or Declared Disasters

The CDIA’s COVID-19 resources webpage provides guidance for furnishers who report information about consumers.