COVID 19 INFORMATION

We created a trusted place on our website for members to get the latest information and resources about COVID-19 and how it’s affecting the financial institution sector, our communities and the world.

Our staff will continue to absorb this information and help you navigate your way through this uncertain time. We are in this together.

UMACHA is working virtually and here for you! We are just a phone call away! 1-800-348-3692

• March 31, 2020 – COVID-19 and Direct Payments to Individuals from the CARES Act – Congressional Research Service Stimulus Payments

• March 30, 2020 – Economic Impact Payments – What you need to know 
  
  Download the infographic: Top Ways the ACH Network Can Help Consumers Businesses and Government During the National Emergency

• March 28, 2020 – FAQ on Stimulus Checks, Unemployment and the Coronavirus Plan Source: NY Times

• March 19th, 2020 The U.S. Department of the Treasury Issues Financial Services Essential Critical Infrastructure Worker Guidance consistent with Cybersecurity and Infrastructure Security Agency (CISA) / Department of Homeland Security Guidance: Ensuring Community and National Resilience in COVID-19 Respons

• Financial Services Sector Essential Critical Infrastructure Workers

• Federal Reserve Bank of Minneapolis
  COVID-19 and the Minneapolis Federal Reserve; What we’re doing, how we’re working

• Global Resilience Federation – Situation Reports
  March 18, 2020 Situation Report COVID 19 #14
  March 27, 2020 Situation Report COVID 19 #17

• Center for Disease Control and Prevention

• ICBM (Independent Community Bankers of Minnesota) COVID-19 Information Center
  Alternate Ways to Bank Graph

• BankBeat – Local online source for timely or breaking community banking news

• American Bankers Association - Incident Response Coronavirus

• Minnesota Banker’s Association (MBA) COVID-19 Updates and Resources

• RSM Coronavirus Resource Center

It’s important to us to make sure you are kept up-to-date of any regulatory changes or guidance that would be important for your financial institution, no matter what shape or size. This information is being updated daily, make sure to check back on a frequent basis.

The National ACH network, Nacha, has put together information regarding ACH Network operations related to the current COVID-19 situation including all of the Operations Bulletins, articles, and helpful links

ACH Resources During Pandemic:

• ACH Operations Bulletin #2 - Nacha Issues Reminder Regarding ACH Responsibilities to Financial Institutions Potentially Impacted by Coronavirus

• ACH Operations Bulletin #3 - Nacha Provides Emergency Relief Related to Proofs of Authorization and Written Statements of Unauthorized Debit

• ACH Operations Bulletin #4 - Nacha Extends Effective Dates of Data Security Rule; Affirms Effective Dates of Other Rules

• ACH Operations Bulletin # 5 - Nacha Provides Relief to RDFIs on Signature Requirements for Written Statements of Unauthorized Debit

• ACH Operations Bulletin #6 - Nacha Provides Relief on Return Rate Levels

• Top Ways the ACH Network Can Help Consumers, Businesses and Government During the National Emergency

Frequently Asked Questions: ACH Network Rules Pandemic FAQs

Nacha has prepared the following guidance to all Financial Institutions in the Risk Management Portal. They are asking Financial Institutions to contact UMACHA with any question at 1-800-348-3692 or email at info@umacha.org

• Nacha Guidance to ODFIs on Reversals March 26 2020

• Congress has passed and sent to the President the CARES Act containing provisions that will deliver over $2 trillion in liquidity to support the economy. Emergency Economic Stimulus Legislation Contains Direct Payments to Americans

• OCC Bulletin (2020-15)
  Working With Customers Affected by Coronavirus and Regulatory Assistance

• The Federal Financial Institutions Examination Council (FFIEC) statement on behalf of its member agencies Interagency Statement on Pandemic Planning

• Financial Crimes Enforcement Network (FinCEN)
  Fincen Encourages Financial Institutions to Communicate Concerns Related to the Coronavirus Disease 2019 (COVID-19) and to Remain Alert to Related Illicit Financial Activity

• National Credit Union Administration (NCUA)
  NCUA Actions Related to COVID-19

• Consumer Financial Protection Bureau (CFPB)
  Protect yourself financially from the impact of the coronavirus

• IRS
  Coronavirus Tax Relief
  Additional RTNs for IRS Tax Refunds and Electronic Payments

• Is YOUR Institution Prepared for an Emergency?
  Article by Karen Nearing, Epcor a Payments Association

The Consumer Financial Protection Bureau (Bureau) has recently released several resources to help consumers take steps to protect their finances during the COVID-19 pandemic, including how to avoid financial scams and submit complaints to the Bureau. The Bureau is regularly updating its content to meet the needs of consumers confronting COVID-19. Following are links to the information available for consumers:

• Protect yourself financially from the impact of the coronavirus

• The CFPB continues to help consumers make informed financial decisions with up-to-date information and resources

• Protecting your credit during the coronavirus pandemic

• Coronavirus and dealing with debt: Tips to help ease the impact

• Tips for financial caregivers during the coronavirus pandemic

• Beware of scams related to the coronavirus

• What you need to know about student loans and the coronavirus pandemic

• Guide to coronavirus mortgage relief options

It seems like each day something new is happening in our world in regard to COVID-19. At the same time, we all need to be extra alert and aware of online scammers and fraudsters, they are coming out of the wood work! Please be very cautious before clicking on any emails that say COVID or look suspicious. Make sure you know and trust the sender. If not, hit Delete!  

As many Americans are faced with working from home, we want to remind you the fraudsters are also working hard to trick you and steal your data. Below are articles and tips of things to be aware of during this time of crisis.

BEWARE OF THESE: PCRIsk.com & Corona-Virus-Map.com - Trojans are being distributed through infected email attachments, malicious online ads, social engineering and software vulnerabilities through corona virus maps.

• Federal Trade Commission

• Nacha Current Fraud Threats

• Working Cybersafely At Home

• Corona Virus Affects More Than Your Physical Health

• Coronavirus Scams to Watch out for

• FDIC warns of scams being carried out in its name

• The Federal Trade Commission has warned that “Scammers are taking advantage of fears surrounding the Coronavirus.”

• Also keep an eye on the Financial & Retailers Protection Association (FRPA) – Latest News

WEBINAR RECORDING: Pandemic Preparedness and Protocol for what to do at your Financial Institution


Speaker: Becky Frederick, Compliance & Audit Consultant, MN Credit Union NetworkWithout causing panic, are you prepared to react to a pandemic in your town, city, region, state?  Join us to hear from the experts on what you REALLY need to do to be prepared!FREE to Members | $175 for Non-Members


Available in the On-Demand Library Now - Order Today

Members: The Link to This Webinar can be found on the Members Only Page For Immediate Viewing Under the FREE UMACHA Webinars for Members header: Members Only
(All you need to do is make sure you are logged in!)

https://www.mncun.org/page/Coronaviruspdate

Kevin Olsen, SR. Vice President Payments Solutions at VSoft is also known as “The Payments Professor”, whom we have partnered with on the Faster Payments Topic, has some great information about processing ACH during a Pandemic: