COVID-19 Information

REGULATORY & OTHER GUIDANCE

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

Alert on Two ACH Payment Topics Related to the Coronavirus Emergency

1. State Tax Agencies ACH Debits Scheduled for April 15
   Following the IRS lead, many state tax agencies recently have provided taxpayer relief by extending the deadline for remitting tax payments beyond April 15, 2020.  However, some state taxpayers have already filed tax returns and authorized payment via ACH debit scheduled for April 15. Financial Institutions Might be impacted
   Find a listing of COVID-19 related state filing extensions here

2. CARES Act Provider Relief Fund
   Although relatively unheralded in comparison to Economic Impact Payments, the CARES Act provided for $100 billion in relief funds to hospitals and other healthcare providers on the front lines of the coronavirus response. This funding will be used to support healthcare-related expenses or lost revenue attributable to COVID-19 and to ensure uninsured Americans can get testing and treatment for COVID-19.  An initial $30 billion is now being paid out.  Payments started arriving today – April 10, 2020 – by ACH credit. Find Additional information here

• 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
  What should I do to return an Economic Impact Payment (EIP) added May 6, 2020
• Is YOUR Institution Prepared for an Emergency?
  Article by Karen Nearing, Epcor a Payments Association

TRUSTED RESOURCES

CARES Act Economic Impact Payments Communications Tool Kit

• Consumer Communication Guide
• Consumer Messaging: FAQs
• Sample Copy Messaging and Assets

As a resource to mitigate fraud risk, financial institutions are encouraged to utilize the Treasury's Check Verification Application when cashing or accepting a Treasury check for deposit. This free tool is available at https://tcva.fiscal.treasury.gov. Treasury's Check Verification Application will allow financial institutions to verify checks they receive, and it will provide one of the following responses:

• U.S. Treasury Check was issued for the amount entered.
• U.S. Treasury Check has already been paid.
• The amount entered does not match Fiscal Service records.
• No match

For more information about the Treasury’s Check Verification Application capabilities, please contact Fiscal Service at (855) 868-0151, option #1 or paymentintegrity@fiscal.treasury.gov

Press Release: Secret Service in Partnership with the U.S. Department of the Treasury Launch "Know Your U.S. Treasury Check Campaign

• 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

PARTNER EDUCATION

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

2020 Security Series: COVID 19 Scams To Be Aware Of! (Presented by FRPA) Recorded 04/2020
Speakers: Kate Cole, AAP  & John McCullough - FRPA

We have teamed up with the Financial & Retailers Protection Association (FRPA) to help you Learn about scams associated with COVID 19 that you need to be aware and to help your customers from falling victim to any of them.

There are new BEC scams, SBA loan scams, Formjacking and other ways that fraudsters are trying to capture your customers information as they are entering more data online.  Join UMACHA and the FRPA for a valuable 90 minutes of great information to ward off the fraudsters

Available in the On-Demand Library Now - Order Today
Member & Non-Member Price: $150

THE PAYMENTS PROFESSOR