COVID-19 Crisis Solutions for CUs

ASIAmerican Share Insurance Action in Response to the Coronavirus Outbreak (March 2020)

PolicyWorksCOVID-19 Compliance Newsletter (March 23, 2020)

InfoSight: Business Continuity Planning Information

Troubled Debt Restructure — Accounting for Loan Modifications tip sheet for credit unions navigating compliance of mortgage forbearances under Sections 4013 and 4021 of the CARES Act. (5/26/20). 
Credit unions should also consult with their own accounting practitioner regarding accounting for TDRs and loan modifications.  

CUNA’s Capital Planning Worksheet: To help credit unions estimate and evaluate likely financial stress and resilience during the COVID-19 crisis. Click here and then download it. To download, click on the down-arrow on the right side next to the blue sign-in button. Once downloaded, credit unions may need to click “Enable Content” on the toolbar to get started, then enter the credit union’s charter number. This will automatically insert the credit union’s 5300 data. The Model Overview tab provides specific information and use for each chart in the spreadsheet.
Questions? Contact Richard Stanton

Insurance & Lending

Rate Reset

50% off implementation costs and no subscription fees for two months

Rate Reset offers loan modifications to the credit union community and its data supports what the NCUA mentions on improved loan performance and reduced credit risk. Its patented Reset Solutions can help your members and their communities in this time of need, and also alleviate back office resources in remote office circumstances, while retaining membership. Rate Reset is offering a 50% cut in implementation fees and no subscription fees for two months.

Additionally, credit unions can take advantage of Rate Reset’s Skip-A-Pay and Mortgage Deferment programs:

Rate Reset Skip-A-Pay Benefits

  • Allows members to skip more than one month
  • Rate Reset system will perform all of the calculations
  • Can be 100% Automated if you use Meridian Link and Symitar and/or DocuSign Retrieve
  • No back office resources needed

Rate Reset Mortgage Deferment

  • The mortgage deferment solution works for GSE loans and portfolio loans
  • Allows the credit union to be more proactive and not reactive
  • Rate Reset can design the offer to mimic your current program but, theirs is 100% digital and more efficient

For information, please contact Tonja Wheatley at 909.212.6023.

CUNA Mutual Group

Click here for the latest on some of the ways CUNA Mutual Group is supporting credit unions and their members, and visit its Covid-19 resources page for detailed information and resources. 

Operational Efficiencies & HR

Eltropy

Free text messaging for credit unions for 90 days.

Eltropy is waiving setup, implementation, and platform fees for 90 days. Limited spots available. Click here for more information

Kasasa

No licensing fees until 2021

Kasasa offers custom and turn-key solutions for online and in-branch digital account opening, as well as responsive-website design that adheres to the best regulatory and security practices. Credit unions that purchase Kasasa’s website solution (First Branch) and/or its On-Line Account Opening solution (INMO+) between now and June 1, 2020 will pay no monthly licensing on those products until 2021.

Additionally, for new Kasasa Loan Credit Unions, Kasasa is deferring setup fees and monthly licensing fees until January 2021 and will also waive per-loan servicing fees for existing loans that are refinanced into Kasasa Loans. For existing Kasasa Loan Credit Unions, Kasasa is providing a special refinance offer. For information, please contact Tonja Wheatley at 909.212.6023.

POPi/o

FREE video seat licenses

For a limited time, POPi/o (CUNA Strategic Service provider) is offering a limited number of FREE video seat licenses per credit union to provide web-based video collaboration for your members to contact the credit union.

The POPi/o platform allows members to click on a link you post on your webpage, social media channels, or e-mails. The member can interact with credit union staff to exchange documents including photo ID’s, review documents, and provide signatures to authorize new accounts, new loans, and address other urgent account needs.

Revenue & Rewards 

Payzur

Person-to-person payment solution. A CUNA Strategic Services provider.

Members can transfer money virtually and in real-time from their existing debit accounts to most others. Click here for more information

TurboTax

TurboTax discounts are now available through Oct. 15, 2020. On March 20, 2020, the IRS officially extended the federal income tax filing deadline from April 15, 2020 to July 15, 2020. Members may be unable to meet face-to-face with a tax specialist during this time and will likely need to complete their tax return remotely, which they can do with TurboTax. For information, please contact Tonja Wheatley at 909.212.6023.

VERO

50% off ID theft recovery services 

Vero provides access to special COVID-19 ID theft recovery services at reduced costs to encourage all credit unions to protect their member base. 

Available immediately from NXG Strategies (VERO’s service provider) the offer consist of the following terms:

  • Contract terms are month to month with 30-day cancelation notice
  • Pricing is at a 50% discount off the existing volume pricing for credit unions continues thru end of 2020)
  • Provides Fully Managed ID Theft Recovery (FMR) for member and their families for any form of ID theft or fraud, no matter how the attack occurs, financial or non-financial (related or unrelated to COVID-19)
  • NO on-boarding requirements for members, no file transfer requirements…easy & fast implementation
  • FMR Services are extended to all employees of the credit union at NO CHARGE

For information, please contact Tonja Wheatley at 909.212.6023.

 

This information is being provided as a convenience to our members and for resource purposes only; they do not constitute an endorsement or recommendation of any of the products, services, or opinions of the California and Nevada Credit Union Leagues. The California and Nevada Credit Union Leagues bear no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. Contact the external site for answers to questions regarding its content.