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Q&As Regarding 2020 RMD Waiver

CUNA’s April 1, 2020 compliance blog provides the Q&As below from Dennis Zuehlke, ERISA compliance manager with Ascensus, to get expert information on IRAs and the 2020 required minimum distributions (RMD) waiver.

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Offsite Examination and Supervision Approach

In response to the COVID-19 crisis, the National Credit Union Administration (NCUA) mandated a strict offsite policy for all employees and contracted support staff as of March 16, 2020. All NCUA examinations will take place offsite through May 1, 2020 and will remain in effect until further notice. The agency will reevaluate this approach through the duration of the COVID-19 pandemic and will notify credit unions of any changes.

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Grants, Loans Available to Low-Income CUs for COVID-19 Response

Federally insured, low-income-designated credit unions can request grants and loans from the National Credit Union Administration (NCUA) to assist members, businesses, and communities experiencing economic hardships due to the COVID-19 pandemic.

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SBA Guidance: Paycheck Protection Program

The U.S. Treasury Department and Small Business Administration have just released their guidance for issuing loans under the Paycheck Protection Program (PPP) as part of the CARES Act (the stimulus bill signed into law last Friday).

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California Gov. Gavin Newsom
California Gov. Gavin Newsom

COVID-19: Credit Unions, Congress, and States Take Action

President Donald Trump has signed into law H.R. 748, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) — legislation that provides economic stimulus to the nation to address to the Coronavirus pandemic outbreak.

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Lawmakers Communicating with Residents: Virtual Town Halls

(This story was updated April 1): Some of California’s congressional and state legislators are holding virtual town-hall events this afternoon, evening, and in the coming days to discuss relief and resource efforts in response to the Coronavirus pandemic disrupting local economies and communities across the state.

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Regulators to Review Congressional Relief Legislation

The federal regulatory agencies’ joint interagency statement issued on March 22 encourages financial institutions to work constructively with borrowers affected by COVID-19 and provides information regarding loan modifications, including when such modifications would not result in accounting for troubled debt restructuring designation.

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