Pandemic Resources + Support for Iowa's Financial First Responders
The Iowa Credit Union League (ICUL) provides advocacy, regulatory compliance, professional development, management consultation, communications and marketing to Iowa’s credit union industry. Recently, those services have extended to include resources and support for Iowa’s “financial first responders” as they navigate this new normal and work to assist their credit union members.
Loans + Deferrals
Throughout Iowa, many credit unions are offering customized loan options and payment deferrals to members and small businesses that need help. From car loans to credit cards to mortgages to business loans, there often isn’t a one-size fits all approach. Credit unions are encouraging people to reach out to their financial institution to discuss options. Credit unions have also provided support and guidance for the PPP to small business owners.
Remote Online Notarization
The ICUL led the charge on passing legislation in 2019, as well as working with Governor Reynolds and Iowa Secretary of State Paul Pate to push up the timeline from July 1, 2020 to allow remote notarization once registered. LenderClose was the first to close mortgages using remote notarization.
ViClarity Business Continuity Plan Self-Assessment Pandemic Execution Tool
PolicyWorks, a strategic partner for credit unions around the country — offered free access to credit unions to take advantage of the ViClarity Business Continuity Plan (BCP) Self-Assessment Pandemic Execution Tool in order to review pandemic response, identify key staff, assess critical systems and processes, as well as communication plans.
Emergency Relief Fund
The Iowa Credit Union Foundation launched the Emergency Relief Fund to also support Iowans during this challenging time. The fund raised more than $700,000 in three weeks from credit unions, businesses and individuals across the state and is distributing grants to individuals and small businesses. To be eligible, small businesses needed to employ less than five people and have an annual operating revenue at or below $250,000. Small business owners and individuals must have experienced economic hardship as a result of COVID-19 and be current members of an Iowa credit union to qualify. The fund had such overwhelming response that it is no longer accepting applications, but continues to fundraise to be able to grant as many applications as possible. Within Greater Des Moines (DSM), the Iowa Credit Union Foundation has assisted nearly 1,000 individuals and small businesses with grants.
Credit unions will continue doing all they can to help members at their credit union and in their communities during the COVID-19 pandemic. The ICUL, through its many resources, remains true to its philosophy of “people helping people” during the COVID-19 crisis.
You can count on The Partnership to continue to share accurate and fact-based updates as well. See more on COVID-19 here.
Murray Williams is president and CEO of the Iowa Credit Union League (ICUL). He also serves as board chairman and CEO of Affiliates Management Company (AMC). He serves on the SHAZAM board and has served on the CUNA Strategic Services board along with other industry leadership roles.