Association Organizes Call with State and Federal Regulators and Credit Unions

NCUA Representatives and Maryland’s Commissioner of Financial Regulation discussed with a group of CEOs how to maintain a high-level of confidence in the financial system while protecting the health and safety of credit union staff and the members they serve during the COVID-19 outbreak.

Commissioner Salazar agreed to work with credit unions to allow them to adopt reasonable, precautionary measures to reduce the amount of face-to-face interactions between members and staff. These precautions will allow financial institutions to remain in compliance with local, state and federal directives, including practicing social distancing, while mitigating the spread of COVID-19. The CEOs on the call emphasized the importance of members knowing that credit unions continue to be safe, sound and accessible in the state of Maryland.

John Kutchey, NCUA Regional Director for the Eastern Region, recommended credit unions consult the NCUA Letter to Credit Unions and FAQs released yesterday by the NCUA for guidance.

Credit unions were encouraged by regulators to continue to offer members access to financial services through online and mobile platforms, by phone, and at ATMs or drive-thrus.

“I join with our credit unions in thanking the NCUA and Commissioner Salazar for taking the time to work with us as we continue to serve our members while taking precautions to protect our staff,” said MD|DC Credit Union Association President/CEO John Bratsakis. “We appreciate the guidance from our state and federal regulators as we navigate this unprecedented situation.”