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As more is done to address the health and economic impacts of the coronavirus, NAFCU is updating credit unions daily on developments out of Washington to ensure the industry is prepared to weather the storm and can effectively meet members' financial needs during the pandemic.

Yesterday, the association offered a free member-only webinar that explained the economic toll the coronavirus is currently taking on the U.S. and world, and efforts underway to support recovery. The webinar is available online for members to access on-demand.

NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt provided an update on legislative efforts to provide relief for consumers, businesses and financial markets (see where Congress' efforts currently stand here). Related specifically to financial services, Hunt said some legislation could address loan forgiveness and forbearance and the association is advocating for additional relief specifically for financial institutions.

Hunt also touched on some recent regulatory developments, including the Federal Open Market Committee's actions to eliminate reserve requirements; credit unions now have additional incentives to avoid the monthly transfer limit found in Regulation D. She also gave updates on the Federal Housing Finance Agency, NCUA, and CFPB.

NAFCU Chief Economist and Vice President of Research Curt Long gave a detailed update on the economic impact of the coronavirus. Long has an economic brief on the coronavirus – which is free and available to all online – and also created a member-only benefit to help credit unions better understand at-risk jobs in their communities.

NAFCU Vice President of Regulatory Compliance Brandy Bruyere addressed credit unions' compliance concerns related to the coronavirus. She reviewed recent guidance from regulators, including the NCUA, Federal Financial Institution Examination Council (FFIEC), Financial Crimes Enforcement Network (FinCEN) and Federal Reserve.

The three also answered questions related to the NCUA's National Credit Union Share Insurance Fund's normal operating level, subordinated debt, oil prices impact on the economy, class action litigation, and more.

NAFCU's Compliance Team encourages credit unions to reach out with any compliance concerns and will begin publishing a new post on its Compliance Blog daily to ensure credit unions stay up-to-date with new developments.

In addition, the association has a free webinar – available to members and nonmembers – on pandemic preparedness planning also on-demand.

Access all coronavirus resources on NAFCU's website. NAFCU will continue to work with the Trump administration, Congress, and regulators to obtain more guidance and relief for credit unions. Let NAFCU know via email steps that credit unions are taking to help their members and any updates on how their institution is being impacted to assist with NAFCU's advocacy efforts.