COVID-19 Update: Synopsis of Coronavirus Relief Bill, H.R. 6201

in News Center
Washington, D.C.

Congress has sent H.R. 6201 to the president’s desk, with all signals indicating he will sign it into law. This legislation impacts paid leave, family medical leave, unemployment insurance, and provides tax credits for those directly impacted by the Coronavirus.

 

Our legal team has prepared a review and assessment of the impact from this new measure. Many credit unions with under 50 employees will have questions about the different exemptions and rights for their employees. Not all questions are immediately answered. Please consult the memorandum, as well as your preferred human resources provider.

Potential Fiscal Stimulus Checks

In addition, a large fiscal stimulus package being considered by Congress and the president would possibly deliver checks to millions of Americans. If this happens, your members may enter branches wanting immediate cash after receiving their checks.

However, some credit unions are concerned they will not have the cash on hand to meet the demand, causing undue concern or even panic among members. We’ve relayed these concerns to both the Credit Union National Association and our congressional delegations, which are considering action on this measure. Whether or not such an event unfolds, please be on the alert for this possibility.

‘Safe and Sound’ Reassurance for Members

You may feel the need to reassure your members that their deposit accounts are safe, sound, and accessible during a time like this. If so, please feel free to use the following in your communications and outreach:

Although the COVID-19 emergency is unprecedented in our lifetime, credit unions remain committed to serving their members.

Credit unions remain open for business, guiding our members through these unsettling times. We will be taking steps to ensure the health and well-being of both our members and our team members, but these precautions will not impact your ability to access your money or perform banking activities.

Credit unions have always stepped up during times of hardship. From natural disasters, to recessions, to government shutdowns, credit unions have worked tirelessly to guide their members through the financial challenges that inevitably followed.

If you have questions, please contact *CEO NAME AND EMAIL GOES HERE.* Thank you for your patience and understanding during this crisis.

State Chartered CUs Receiving Guidance Soon

California state-chartered credit unions will soon be receiving information and guidance from the Department of Business Oversight. Stay tuned for more on this front.

League Resources Continually Updated

Please see our continually updated League Coronavirus/COVID-19 resource webpage for frequently asked questions (FAQs) on credit unions’ response to the current pandemic, as well as the  Sample Emergency Preparedness Plan section.

This morning’s new additions and updates include:

RESOURCES area: Statewide Access to SBA Disaster Assistance Loans for Small Businesses; SPAM/PHISHING information

Frequently Asked Questions (FAQ) area: California Consumer Privacy Act (CCPA); Employee/Personnel; Foreclosures/Evictions;      Annual Meetings; Facility Closures

We are keeping an eye on all these issues, and more, as we continually inform you. We will update you as needed.

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