Pandemic Resource Center
Pandemic Knowledge Base
Our knowledge base for all things related to the Coronavirus/COVID-19 pandemic.
League/Woods Rogers Conference Call on Labor and Employment Law Issues Related to the Pandemic
Thanks to those joining us for the conference call with your League and Woods Rogers covering updates on COVID-19 Labor and Employment issues, a breakdown of the Families First Coronavirus Response Act (FFCRA) and other work-related pandemic issues.
Below are the resources, summaries and guides being covered during the call.
- WR-Pandemic-Resources_-_Coronavirus and the Law - Summary of Legal Issues for Businesses.pdf 1.29 MB
- WR-Pandemic-Resources_-_Paycheck Protection Loan Program Through the CARES Act.pdf 416.43 kB
- WR-Pandemic-Resources_-_COVID-19-Alert1-Federal Legislation - Relief Act.pdf 1.31 MB
- WR-Pandemic-Resources_-_COVID-19-Alert2_Tax Relief-Federal Legislation - Relief Act.pdf 368.29 kB
League Event Updates
Regulators Encourage Loan Modifications for Those Affected by Pandemic
(March 22) Five federal banking agencies and a trade group for state banking regulators issued guidance encouraging credit unions/banks to make loan modifications for borrowers affected by the coronavirus.
The joint statement by the Federal Reserve, Federal Deposit Insurance Corp., Office of the Comptroller of the Currency, Consumer Financial Protection Bureau, National Credit Union Administration and Conference of State Bank Supervisors said banks will not be required to categorize those modifications as troubled debt restructurings.
NCUA Issues Guidance for Credit Unions in Addressing Pandemic
National Credit Union Administration Chairman Rodney Hood distributed guidance and FAQs on "Actions Related to COVID-19," which recognizes the pandemic's impact on credit unions and their members. The NCUA memo made assurances about the agency’s critical mission and outlined strategies to consider when addressing the unique impacts and challenges this pandemic presents.
BFI Policy Statement Regarding COVID-19
The Bureau of Financial Institutions encourages all supervised financial institutions to work constructively to mitigate the impacts of the Coronavirus/COVID-19 pandemic on Virginia consumers and businesses. View their policy statement here: www.scc.virginia.gov/bfi/
COVID-19 Legal Updates
Woods Rogers has created a Pandemic Response Group of attorneys who are available to answer any specific questions or concerns about your obligations or potential liabilities in a range of different practice areas, such as contract law, labor & employment, construction law, cybersecurity, tax and employee benefits, and commercial litigation. Contact our Employment Law Hotline for assistance. Woods Rogers has also posted resources online covering everything from the Families First Coronavirus Response Act to recent IRS announcements to OSHA Guidance on Preparing Workplaces for COVID-19.
- Centers for Disease Control: Coronavirus Disease (COVID-19)
- World Health Organization: Coronavirus Disease (COVID-19)
- Virginia Department of Health: COVID-19 Cases Confirmed in Virginia and Resources for Individuals and Businesses
- Commonwealth of Virginia: Resources/Actions by Gov. Ralph Northam
- National Credit Union Administration: Actions Related to COVID-19
- Financial Crimes Enforcement Network: Communicating Concerns Related to COVID-19
- Federal Financial Institutions Examination Council: Business Continuity Guidance
- Nacha: Nacha Issues Reminder on ACH Responsibilities
- Nacha: Increasing the Same-Day ACH Dollar Limit
- CUNA: Coronavirus Disease (COVID-19)
- CUNA Mutual Group: Coronavirus Update
- Society for Human Resource Management Resources - Good information on dealing with a pandemic response from an employment law/human resources standpoint
- US Small Business Administration: Coronavirus/COVID-19 - Small Business Guidance & Loan Resources
- Internal Revenue Service: Coronavirus Tax Relief
League President's Statement on Coronavirus Pandemic
March 23, 2020
Credit unions: I commend you for your good work serving your members during this national crisis. The pandemic looks to alter the course of normal life for the next couple of months, at the very least.
We know you’re incredibly busy managing your credit union’s pandemic response, but please let us know what resources you need to aid you in that effort. Drop an email to any League staff member.
This is an unprecedented situation, and your leadership will prove vital in ensuring your members and their families can manage the hardships associated with the pandemic -- from reduced wages and job loss to the painful realities of illness and death.
My thoughts remain with each of you and your staffs. I pray for continued health and safety as your teams serve members and help our nation navigate this public health crisis.These are times that will test us individually and as a nation, but we will get through this together.
Virginia Credit Union League
News Release: Credit Unions are Open for Business, While Keeping Staff and Members' Health, Safety at Forefront
In the midst of the current national health crisis, credit unions are taking steps to ensure staff and members remain safe, even as service to members continues.Go to main navigation