New Resource Added – CARES Act Provisions Summary
Prepared and courteously shared with AVCU by the Compliance Department of the Northwest Credit Union Association
In response to the COVID-19 outbreak, Congress passed H.R. 748, the Coronavirus Aid, Relief, and Economic Security (CARES) Act on March 27, 2020. President Donald Trump signed the CARES Act into law on the same day. You can view the CARES Act online here.
The CARES Act is intended as Phase III of federal government support in the wake of the coronavirus health crises and the associated economic fallout. The Act provides a package of over $2 trillion in stimulus to help combat the health crisis and send economic relief to workers and businesses affected by restrictions meant to stop the outbreak’s spread.
Click the link below to view or download this analysis of five key sections of the CARES Act (217k PDF).
Conferences and Events
The Association has rescheduled our 73rd Annual Meeting & Convention from May 15-17 to September 18-20 at Jay Peak Resort and will provide status updates via the webpage linked above throughout the coming months.
We will continue to monitor the situation and follow the recommendations of the Centers for Disease Control and Prevention (CDC) and the Vermont Department of Health, while maintaining the health and welfare of our guests as our top priority.
For more information or to discuss concerns, please email Director of Information Services John Cote or President Joe Bergeron.
Staff & Members
Take Proactive Steps to minimize risk to staff and members by increasing efforts to prevent illness:
- Make sure your workplaces are clean and wiped with disinfectant regularly.
- Promote regular and thorough hand-washing by employees and members: Put sanitizing hand rub dispensers in prominent places around the workplace.
- Display posters promoting hand-washing – ask your local public health authority or download the CDC’s handwashing poster here.
- Avoid close contact with people who are sick.
- Avoid touching your eyes, nose, and mouth.
- Cover your cough or sneeze with a tissue, then throw the tissue in the trash.
- Follow CDC’s recommendations for using a facemask: CDC does not recommend that people who are well wear a facemask to protect themselves from respiratory diseases, including COVID-19. Facemasks should be used by people who show symptoms of COVID-19 to help prevent the spread of the disease to others.
- Keep communicating and promoting the message that people need to stay at home even if they have just mild symptoms of COVID-19.
- Display some or all of these CDC posters. Combine this with other communication channels commonly used in your organization or business.
- Encourage members to wear gloves or provide sanitizer near ATMs.
- If a branch is affected, consider re-directing members from branch to electronic banking services, ATM, telephone or conduct operations from alternative sites.
- Provide those handling cash with gloves.
- Implement “social distancing” techniques to minimize typical face-to-face contact.
- Notify the Vermont Department of Financial Regulation (DFR) or NCUA if the credit union faces an emergency or branch closing.
Your Association’s Management Minute Blog is being regularly updated with the most recent information. All related posts are tagged with the keyword “Coronavirus” … just click “Coronavirus” under “Posts By Label” for links posted to date. For a single daily email with all posts made on that day, enter your email into the box on the blog labeled “Get the Daily Email Update.”
On March 6, the National Credit Union Administration (NCUA) announced the Federal Financial Institutions Examination Council (FFIEC) issued guidance to remind financial institutions that business continuity plans should address the threat of a pandemic outbreak and its potential impact on the delivery of financial services. The guidance identifies actions financial institutions should take to minimize the potential adverse effects of a pandemic. In additional to the recent FFIEC guidance, NCUA provides the following:
Association member credit unions may wish to access Vermont Compliance InfoSight for updated Pandemic Preparedness resources. In addition, CU PolicyPro includes a model policy: Pandemic Influenza Preparedness & Response.
If you have questions or need assistance accessing these resources, please contact John Cote.
Other Resources (all links open in this window)
Centers for Disease Control & Prevention
World Health Organization
Vermont Department of Health
2019 Novel Coronavirus – State guidance for specific groups, including businesses, is available near the bottom of the page.
The Vermont Department of Health on Twitter offers daily status updates from Department officials
Beware of Scams – Federal Trade Commission Guidance