COVID-19: Member Assistance

Date: 
Thursday, March 26, 2020

The Division encourages Credit Unions to work with their members in this time of economic volatility. In accordance with appropriate management oversight and consistent with safe and sound banking practices and applicable laws Credit Unions are encouraged to consider: 

  • Waiving overdraft and ATM fees; 
  • Increasing ATM daily cash withdrawal limits; 
  • Waiving early withdrawal penalties on time deposits; 
  • Offering or expanding payday alternative loan programs; 
  • Increasing credit card limits for creditworthy borrowers; 
  • Waiving late fees for credit card and other loan balances; 
  • Easing restrictions on cashing non-member checks; 
  • Easing credit terms for new loans for members who qualify; 
  • Etc. 

NCUA and FDIC have issued letters to financial institutions setting out additional efforts, which Credit Unions may consider. 

Iowa Credit Unions must comply with the Iowa Consumer Credit Code and Chapter 533.

Additional emergency information can be found in the IDCU COVID-19 Updates/ Important Information.

 

 

 

 

Printed from the website on May 31, 2020 at 2:41am.