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welcome to the June 2020 priority report we're starting to see our states slowly open back up in light of the lifting of the stay home orders thankfully and the reopening of most businesses so this will be a long careful process obviously until we have a code of 19 back seen and credit ins we'll continue obviously to be vitally important for the economic recovery and the well-being of their members we realize that credit unions will continue to fill the financial impact on business operations as stimulus funds are exhausted and some jobs unfortunately remain eliminated but the Michigan accrediting League will continue to work with credit unions in collecting information hearing your issues and concerns and providing solutions we're reaching out to credit unions on a regular basis in order to share data and unique stories that showcase how credit unions continue to make an incredible impact in the lives of their members and the communities they serve having this information will assist all of us in promoting how credit unions continue to be a constant in their communities and a creative force or member of financial well-being we encourage you to continue passing on your great stories and service practices so we can share that great work with legislators and regulators in Lansing in Washington DC and in in district meetings now before moving on to our detailed departmental updates I wanted to take a moment and acknowledge the extraordinarily difficult time that our country is experiencing in the wake of the death of George Floyd in Minneapolis and so many others who have been lost or injured due to racial injustice here at the Michigan League and see you solutions group we've been engaging with our 140 employees to first hear from them starting with our black associates as we do so we are all becoming sensitized to the systemic racism in our society that needs our individual and collective attention and as we strive to foster a culture that encourages diversity equity and inclusion for all as management we're starting with a lot of listening and encouraging our employees to have conversations ultimately we want to engage all of our employees in support of the black lives matter movement and other causes that seek to bring opportunity and justice for all for the Michigan credit league we will also commit to having dialogue and information sharing sessions regarding these important issues with our crediting community as we realize that every credit union wants to improve their culture and their commitment to the people helping people principles that help raise up everyone economically without discrimination the one silver lining associated with these terrible incidents of racially driven police brutality and other discrimination is that our collective consciousness has been raised and we are all more committed to engage in efforts to help bring about change and to help eradicate discrimination of all kinds and we look forward to working with our employees and with our industry to accomplish that now shifting to the priority updates on the federal advocacy side first the Michigan credit league has actively engaged our federally elected officials who are working hard to provide effective pandemic responses to ensure crediting priorities are considered and addressed along the way in mid-may the US House of Representatives completed its work on a phase 4 emergency stimulus bill called the heroes Act this three trillion dollar spending bill includes among other things nearly a trillion dollars in funding for state and local governments it establishes a two hundred billion dollar heroes fund for essential workers and extends weekly $600 federal unemployment payments through January of 2021 overall the bill is a mixed bag for credit unions on the positive side the bill establishes a homeowner assistance fund and provides seventy five billion dollars in funding for that the program would provide direct assistance to those struggling to pay their mortgage payments and the rent the property taxes property insurance utilities and other related expenses the bill also includes 100 billion dollars for rental assistance so we're pleased that a billion dollars in funding for the CDFI fund and the text of the safe Banking Act were also included in the bill finally the house included several much-needed reforms to the Paycheck protection program in this bill including provisions that would among other things ensure that PPP loans are not treated as taxable income and create set asides to ensure small businesses with ten or fewer employees nonprofits and CDFIs have access to program dollars all good things now for the provisions that concern us the bill establishes moratoriums on foreclosures evictions consumer debt and small business debt it also suspends negative credit reporting during major disasters not just the current Colvin 19 pandemic and requires the CFPB to establish an ambiguous process to facilitate reporting now following passage of the house the heroes Act was sent to the US Senate where leadership promptly indicated the bill was not likely to be acted upon with regard to a phase four bill the Senate is taking more of a wait-and-see approach waiting to evaluate how the nearly three trillion dollars in funding and the programs authorized under previous emergency spending bills have impacted Americans and the economy before proceeding with new stimulus legislation the expectation is that the Senate will wait until July at least before it seriously considers a phase four stimulus bill while the House and Senate are currently stalled right now both chambers did recently come together to pass bipartisan legislation which was signed by the president and includes much-needed paycheck protection program reforms more information on those provisions can be found on our website at MC well.org now the PPP flexibility Act addresses many of the concerns raised by small businesses lenders including within our credit community and we're encouraged that Congress acted in a quick bipartisan manner to make these changes however we believe additional reforms are still needed including the the need to establish a reasonable dollar level under which PPP loans to small businesses receive automatic forgiveness we're so appreciative of our task force members who have helped us with this input we will keep our industry apprised of developments around PPP the phase four legislation and other credit union federal legislative priorities as Congress addresses them shifting to the state side our governor and the state legislature continue to focus the majority of their time on addressing obviously the ever-changing landscape associated with Cova 19 as well as the ominous 2021 budget issues that have to be dealt with executive orders are being issued by the governor still weekly to help provide continued guidance on Rhian gauging and reopening the state's economy governor Whitmer recently allowed region six and eight in the state to enter phase five of the my safe start plan and the rest of the state is now following suit so where courage by that she also issued executive order 2020 - one 1/4 which provides even greater guidance on reopening this is a great resource for credit unions as it pertains to keeping workers safe while working from brick-and-mortar locations detailed information on that and all other orders can be found on our website again now finally on the legislative front our team is working to oppose a bill HB 5 zero nine seven which would expand payday lending offerings in the state of Michigan our team has communicated our opposition with the committee and is working to educate the rest of the Senate as well as to the reasons for our opposition now on the appropriations front we are working to get some of our priorities in the 2021 budget including funding for the Michigan saves program and 4e recording upgrades across the state our team knows that this is an uphill battle but we're working to at least put the framework in place to ensure that these projects are funded if not this year then in 2022 s budget now on to regulatory compliance so as part of the efforts of the Cova 19 response and recovery task force that the mcl implemented the MCO will work with members of the examination and supervision committee and representatives of the task force to engage with both the Department of Insurance and Financial Services and the NCUA we're especially interested in discussing concerns regarding examination practices particularly during and immediately following the Cova 19 crisis we will specifically look to the industry to gather feedback and recommendations on key issues including net worth ratios Kamel ratings and many other modifications done to assist members through the pandemic and beyond so your input is appreciated especially those who serve on these and taskforces credit unions can also expect another examination survey to evaluate how the examination process has differed during and after the crisis our regulatory and education teams are working to provide a webinar round table for Bank Secrecy Act and risk officers to discuss the recent unemployment fraud and credit union best practices the information gathered here will be compiled for a second webinar with industry experts to further develop practices and resources for our Michigan credit union industry so we appreciate everyone's help and support for those efforts our collaborations with kuna continue to seek clarification and guidance regarding change in terms notices for fees waived during the pandemic sending these notices while credit unions were working to help their members would be very burdensome and costly to the industry and arguably not particularly meeting the needs of consumers let me shift a consumer awareness now the phase 2 of the Sealy Michigan campaign is currently in production these new ads which are expected to launch at the end of June and through the third and fourth quarters of this year they're structured to offset the fatigue and help transition communications from colvett specific back into credit union benefit messaging this next chapter of the campaign will maintain a tone of tempered optimism and empathetic support while matching the visual tone from Cunha's updated open your eyes to a credit union campaign so we're excited about the new creative and getting those ads into market phase 2 emphasizes that credit unions have always been there for their members through life's toughest challenges and we continue to be a trusted partner across Michigan providing stability and service for our members in communities all across the state we're investing more than $900,000 in digital media through the remainder of the year with various messages that will be released in quarterly phases look for these updates on our website and our Cu link website as well as our social media pages where you'll you'll see the ads and be able to watch the videos and use them most importantly for your member communications now let me shift to the Michigan Credit Union foundation the foundation has been helping to boost the credit union difference in Michigan focusing recently on mobilizing an additional 110,000 dollars for community crisis support so far twenty-eight community crisis support grants totaling over a hundred thousand dollars have been awarded to supplement credit union and chapter pandemic response activities improving the financial health of members and communities all across our state we recently did a press release on these great efforts which garnered some good industry news coverage the recent catastrophic flooding in the Midland area presented an additional crisis and hardship for credit unions and their members MCL and Michigan cranium foundation quickly responded by providing $10,000 each to help with the flood relief response is led by the mid Michigan chapter of credit unions and the area credit unions who are so close to those tragic events the foundation began fundraising to add to this support and as of June 1st 39 credit unions three chapters and several individuals have contributed to this fund for a total raised so far of almost $100,000 that's phenomenal the area credit unions anticipate being able to help more than 200 impacted members with these fonts extraordinary the Michigan credit and foundation is also working to help credit union members and board members affected by the flooding the foundation has received a commitment of funding from the National Credit Foundation for up to $50,000 to be used specifically for this purpose we thank the National Credit and foundation for that assistance we're working quickly with area creditors to approve and fund applications lastly a new team budgeting and life's life simulation resource is now available to Michigan credit unions with support from the foundation balanced life is a version of a financial reality fair that can be conducted in smaller classroom settings and kit and can be presented remotely by webinar or other electronic delivery methods this resource is free to small asset size creditors and is available to large or credit unions at a significant discount we're so thankful for the efforts of our Michigan credit and foundation its trustees and most importantly the credit unions who take advantage of those services and contribute generously to the foundation now over to education our team has been working closely with a number of hotels and venues across the state where events were were planned throughout the year and like all of you we've been following the governor's executive orders and reading the fine print to understand how the six-step pandemic plan will unfold while we were hopeful that this year's annual convention and Exposition could be rescheduled to the fall we've had to make the difficult decision but we think the right decision to cancel the ACA altogether for 2020 the same decisions needed to be made for the executive summit in September and the fall leadership development conference up north in Bay Harbor and Traverse City respectively however we're excited to pivot and offer some smaller in-person events located around the state still ideal for those who would normally attend these other large events we're calling this operation reconnect to provide opportunities to allow our credit union friends to come together with peers and leave with valuable information and participate in proper socially distanced activities so stay tuned for more information on the reconnect series hoping to have an event each week during July and August of this year meanwhile be sure to follow our website at MC org for a variety of online learning resources that are being continually added to our training lineup we appreciate the kind words we've been receiving for many of you and look forward to when we can be gathered for the 2021 annual convention and Expo next June additionally MCL and Kuna are once again working together to recognize ways credit support their communities and members through the 2020 Kuna Awards these awards showcase all the great accomplishments and hard work that credit employees have invested in communities all across the state the deadline for submissions is July 24th and may include the credit unions outreach from July 2018 to July 2020 be sure to submit your nominations at MCA org we appreciate all the credits do with these community commitments now let me shift gears to C us G while businesses and communities across our country are cautiously reopening CSG continues to develop and expand our solutions at a business-as-usual pace because we understand that well credit unions needs may have evolved they still require speedy delivery and implementation of the products and services that we provide in an effort to smooth this transition with creditors our marketing solutions division is hosting a back to business webinar series through the end of June now this series will focus on topics like gathering and acting upon member feedback during this unprecedented time ways that credit unions can maximize member engagement and tips on marketing optimization and channel delivery in this new normal crazy environment that we're in visit our website to register for this free series and gain access to more educational conte t from our marketing insights Network we hope you find that valuable also concerning member feedback and engagement member view the omni-channel voice of member solution of member XP company and products acquired by CSG last year this will soon include open text analysis this powerful tool will provide automated sentiment reporting on all comments submitted as member experience feedback through the platform this gives a credit union richer insight and helps them to prioritize their efforts for member experience improvement including and beyond code 19 communications finally our marketing team has enhanced the user experience of the love my credit union rewards web application making it easier than ever to navigate and access the growing array of credit union member discount offers through love my credit rewards one of these new offers is calm Apple's 2017 iPhone app of the year this meditative app promises to encourage more restful sleep boosts confidence and reduce stress and anxiety through guided meditations soothing music and even bedtime stores something that is very appropriate and needed for the times like all of our divisions the COS G technology solutions team has likewise been focused on developing and improving meaningful virtual tools for remote member engagement as we've pivoted to meet the needs of the times we recently part with time trade to bring their intelligent online appointment scheduling and queuing software to our credit union members both CSG and time trade believe the inherent distance of digital delivery doesn't mean your credit has to sacrifice a highly personal experience this past month technology solutions also announced the new partnership with Abrigo a Bri goes paycheck protection program solution helps to streamline and simplify the loan forgiveness and administration process for those credit unions offering SVA PPP loans to their member businesses despite the lack of clear guidance and overall readiness by the Small Business Administration credit unions have worked quickly to process applications and prepare for loan funding but due to capacity restraints and concerns over broad exposure most creditors have focused on existing member relationships and their needs but by partnering with Abrigo see USG is helping creditors extend these critical services and address the needs of new small business borrowers as well something that is really appreciated by our members of Congress with the PPP legislation despite challenges faced by credit unions in the first half of the year CSG performance solutions now has continued to find ways to align and integrate our strategy compensation and performance management software so the credit unions can continue to foster a culture of high-performing and engaged team members because professional development is such an important part of this equation we began a relationship with a company called Cu training late last year realizing the full potential of their learning management solution and how it could be integrated into our current suite of HR performance solutions since acquired full ownership of the company we're working toward that end and are now beginning to both enhance and add more content to the learning center to make it the most engaging learning management solution in the crediting space our strategic advisory team similarly understands how credit union strategic goals have shifted in recent months due to the Cova 19 pandemic they're continuing to innovate their service delivery methods and create up-to-date content for the credit units they serve for the compliance care series part of our advisory services to new topics were added this past month paycheck protection program and delicate member issues to help credit unions in this time of transition a video titled getting back to normal has been made available as well as a knockin Cova 19 out of the workplace staff training kit this kit provides a training video for staff addressing CDC recommended topics a shareable link for credit unions to use for remote staff and an on-site training guide to reinforce the topics as staff return to work for those seeking additional content the CU risk intelligence website has new risk management and compliance how-to videos and newsletters so as you can see our teams have been very busy innovating to provide services to our industry during the toughest times well that's it for this month's report I hope all of you are remaining safe and sound as our state begins to get back to normal until next time feel free to reach out to me or any of our team members with any questions or suggestions you have for how the Michigan Credit League or Cu solutions group can more effectively meet your needs thanks for watching [Music] Oh