COVID-19 Response from ICUL3/16/2020
We’re all navigating a lot of uncertainty in response to the COVID-19 pandemic, and life looks to be extremely fluid for the foreseeable future. This weekend alone, the state legislative session was postponed 30 days, the Governor recommended schools be closed for 4 weeks, the CDC urged no gatherings of more than 50 people and the Fed slashed interest rates to near zero. Things are likely to get worse before they get better. But as long as we all do our part, we will get through this together.
What we have learned from challenging times, such as following the devastation of floods or tornadoes, is that Iowans and credit unions are resilient. We've also learned that by displaying the "people helping people" philosophy during times of need, our communities and our families will emerge stronger together.
Credit unions play a special role in communities, and please know that we are working diligently to provide you with access to critical information, member service support and guidance from regulators.
Like all of you, the outbreak and spread of the Coronavirus (COVID-19) has caused us to enact our business continuity plan. All ICUL in-person events will be suspended for the next 60 days. The ICUL office in West Des Moines has been closed, and all staff are practicing social distancing by working remotely until March 31.We will re-evaluate the situation after that time.
Rest assured, ICUL staff will still be available as a resource for you. Our team is currently working to organize a series of virtual meetings that will assist credit unions in collaborating during this unprecedented time. Please watch for additional information in the coming days.
As a reminder, ICUL has created a webpage to track and share information in regards to recommended COVID-19 response from credit unions. Visit the webpage here.
The following events will be impacted during the 60-day suspension period. In-person portions of these meetings have been cancelled. We are evaluating if any of these events can be held virtually, and will provide updates as determinations are made. If you have registered for an event or have planned a meeting with ICUL staff, additional information will be communicated at a later date.
- March 24, Essential Teller Issues Training Webinar
- March 24-26, Iowa Innovation Group Immersion
- March 31, ICUF Credit Union Community Impact Roundtable
- April 1, 5300 Call Report Webinar
- April 2, Emerging Leaders Connection (ELC) Roundtable
- April 8, Credit Union Day at the Capitol
- April 14, ICUL Orientation for Credit Union Executives
- April 15-16, Lending School
- April 28, Accounting and Finance Roundtable
- April 30, The Four Rs of Supplemental Executive Benefits Webinar
- May 5-7, ICUF Financial Coaching Program
As we continue to monitor the situation, events scheduled past 60 days will be evaluated.
Credit Union COVID-19 Resources
ICUL has gathered reliable resource links and outlined credit union best practice tips for business continuity, staffing arrangements, regulatory compliance and member support. View these resources here.
PolicyWorks' compliance hotline is available to all ICUL member credit unions. Resources for regulatory compliance, business continuity planning and disaster recovery are available. Call PolicyWorks at 844.731.6071 or email firstname.lastname@example.org with questions.
Consider the Iowa Credit Union Foundation as a resource for philanthropic support in response to COVID-19. Plans are being made for charitable relief efforts to support Iowa credit union members in need, and more information will be communicated. Email email@example.com with specific questions.
Iowa Legislative Session
The Iowa legislature has suspended the legislative session for a minimum of thirty days following today's work to pass emergency legislation related to COVID-19 response and the state budget. The Capitol is closed until further notice, and the legislative calendar in the coming weeks is unknown. The ICUL advocacy team will continue to engage with executive and legislative branches of the government as necessary during this interim period. Weekly legislative forum emails on credit union-related legislation have been suspended at this time.
As unprecedented decisions are being made in communities and credit unions across the state in response to COVID-19, please remember that ICUL, ICUF and the AMC family of companies is here to support Iowa credit unions and their members.