Coronavirus Updates & Resources
The VBA has developed this page of resources regarding coronavirus (COVID-19) to help keep Virginia banks informed.
VBA Benefits Corporation COVID-19 Resources
Coronavirus (COVID-19) Personal Preparedness Resources – This link will provide resources on the virus, information on how to prepare, the prevalence in the US, as well as the updated travel restrictions through links to the CDC.
Link to March 19 EAP webinar, Keep Calm and Carry On: Maintaining your Composure during the COVID-19 Virus. We are putting together EAP resource materials to share with your employees during this stressful time and will share once completed.
Marsh & McLennan Agency Resources
: The latest update on Families First Coronavirus Response Act (FFCRA) from MMA. Regulations are still pending and expected to be released later this week on this legislation which will answer many outstanding questions.
Marsh & McLennan Agency’s Landing Page for Addressing the Coronavirus Outbreak – This site includes internal resources to help employers manage this pandemic including:
- An Employer’s Guide: Ten Considerations to Support Your Workforce
- COVID-19 and Paid Leave: Three Scenarios to Plan For
- Coronavirus: Employers Beware of Potential Liabilities
Important COVID-19 Healthcare Information
For banks that have health coverage through the VBA Benefits Corporation, the plan will waive members’ cost share (deductible, copayments, coinsurance) for the testing of COVID-19. We are now able to do so since the IRS has released guidance (Notice 2020-15) allowing the testing be covered on a first-dollar basis and not disqualify an individual’s ability to make or receive Health Savings Account (HSA) contributions. Treatment of symptoms, including telemedicine services, will continue to be covered as any other medical service under the plan. More detailed information is being provided to HR directors. Please contact Laurie Milligan with any questions.
401(k) Participant Assistance
For participants who are uneasy about the financial markets and their 401(k) account balances, SageView Investment Advisory Group, our new 3(38) Investment Advisor for our retirement plans, can assist. Here is the Sage411 Participant Help flyer that you can distribute to participants. We also have an email template that you can edit and send along with the flyer:
Mnuchin Memo & CISA Guidance
This weekend, U.S. Treasury Secretary Steven T. Mnuchin issued the below guidance to reinforce recent guidance from CISA – The Cybersecurity and Infrastructure Security Agency – that makes clear banks and their employees should be considered essential and allowed to continue operations and normal work schedules under any state or local government Stay at Home orders or similar restrictions. The VBA has also been in regular contact with Governor Northam’s office this week, reinforcing the need to classify banks as essential under any order.
Small Business Administration Information
The Small Business Administration (SBA) recently relaxed criteria to make it faster and easier for states to qualify for SBA Disaster Assistance. The SBA has approved Governor Northam’s request for Virginia’s statewide access to Economic Injury Disaster Loans (EIDL) program. The EIDL program offers low-interest loans directly from SBA for working capital to small businesses suffering substantial economic injury as a result of COVID-19. Now that Virginia has received approval, small businesses and private, non-profit organizations may apply for up to $2 million in loans to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. For more information about the program and the information required for the small business or non-profit to provide in the application, click here or call 1‐800‐659‐2955 for assistance. As policymakers make other changes to SBA and other related programs, the VBA will continue to provide updated information.
Apply to be an SBA Lender
If you are not already, please consider reaching out to the Virginia District Office of the SBA about applying to be an SBA Lender.
The contact is:
Lender Relations Specialist
Richmond, VA District Office
U.S. Small Business Administration
It is possible that this process will be expedited due to congressional action. Please note SBA is still working on the details of how the expedited process will work. When Ford receives the details of the expedited process, he will respond back to you in the next day or two, but please make contact to be prepared to apply as soon as possible.
Here is a list of approved SBA 7(a) lenders and Express lenders. If you do not see your bank on the lists, you will need to apply to SBA. The list includes all banks headquartered in Virginia.
Additional contact details for the Virginia SBA District Office can be found here.
For information on potential borrower deferment options with existing SBA loans, click here.
ABA Webinar to Address SBA Programs to Help Amid Pandemic
ABA hosted a free member webinar to help banks learn how to employ Small Business Administration programs to help their commercial customers affected by the coronavirus pandemic.
Experts from the SBA Office of Disaster Assistance and SBA Office of Capital Access discussed:
- Emergency Injury Disaster Loans, and their use nationwide in the response to the COVID-19 pandemic.
- SBA loan products and access to capital to help small business clients.
- Provide an update on plans to expand SBA programs in response to COVID19
ABA VP Dan Martini lead a Q&A. This is the first of a two-part series; a second webinar will follow after Congress enacts its latest coronavirus response package. Listen to the recording.
State Corporation Commission Updates
In light of the ongoing public health emergency related to the spread of COVID-19 and the declarations of emergency issued at both the state and federal levels, please be advised that the State Corporation Commission (SCC) has issued the following orders (“Order”) concerning certain practices and procedures for filings with the Clerk of the Commission.
American Bankers Association Resources
American Bankers Association (ABA) released pandemic planning and business continuity resources for banks. This webpage has information and resources from the Centers for Disease Control, the World Health Organization, the Occupational Safety and Health Administration, financial regulatory agencies and others. The page also includes information on frauds and scams that have been reported in conjunction with the outbreak. The page will continue to be updated as more information becomes available.
The ABA is also hosting free webinars during this time and the recordings will be made available on the ABA resources website here.
To help ABA respond to inquiries from policymakers about the banking industry response to the coronavirus, the association is asking banks to share specifics about how they are helping customers affected by the virus and its fallout in the economy. The ABA has created this webpage that list banks’ actions in response to the pandemic. Bankers may email information to CoronavirusResponse@aba.com or complete this survey.
The Federal Reserve Bank of Richmond Information
In this special edition of the Regional View, Sonya Waddell shared information gathered from a set of special questions added to the March 2020 regional surveys of business activity to gauge the economic impact of the novel coronavirus in the Fifth District.
VBA Partner Resources
Akouba by velocity solutions
Akouba by Velocity Solutions is providing a special offer on their Digital Loan Platform to aid banks with digital lending capability in preparation for anticipated small business loan demand. Their expedited implementation offers the same technology in a pared-down version to have your bank up and running more quickly, within 3-8 weeks (18-20 weeks for their fully-suited solution). Click here for more information.
Compliance Alliance Resources
To help provide more information about the COVID-19 pandemic as it relates to banking, Compliance Alliance will be hosting a webinar on March 31 at 3:30 PM for all bankers regardless of membership. Please join them for a special webinar on Pandemic Preparedness and COVID-19. Register here: https://compliancealliance.com/news-events/event/public-webinar-pandemic-preparedness-and-covid-19
- COVID-19 Help Sheet
- COVID-19 Sample Customer Letter
- COVID-19 Skip-A-Pay Offer Letter
- COVID-19 Skip-A-Pay Request Form
- Lobby Closing Notice (Sample 1)
- Lobby Closing Notice (Sample 2)
- Pandemic Policy
- COVID-19 Essential Critical Infrastructure Worker Credential
DHG Webinar: Families First Coronavirus Response Act
Last week, President Trump signed into law the Families First Coronavirus Response Act which provides food assistance support, virus test funding, Emergency Paid Sick Leave, expansion of Emergency Family and Medical Leave, tax credits for paid Sick and paid Family and Medical Leave and Unemployment Insurance stabilization. Please refer to a summary of the paid leave and associated tax credit provisions here.
DHG hosted a webinar last week on the Families First Coronavirus Response Act. You can access a recording of the webinar here.
In response to the Coronavirus (COVID-19) pandemic, the regulators have released communications that encourage banks to work with their customers and communities affected by COVID-19. This has given rise to questions about accounting for the effects of modifications or concessions made to loans by banks in supporting the regulators’ suggested COVID-19 pandemic response. Click for more information on accounting for loan modifications and/or concessions.
Upcoming Webinar: March 27
In light of the relief program, FHLBank has a collateral reporting webinar planned for Friday, March 27 at 2:00 p.m. ET. They will discuss the collateral relief program in detail and can answer any questions you may have. Please register for the webinar here.
Relief for Collateral Reporting
Shareholders can request a delay for their regular submissions of Qualifying Collateral Reports or loan listings for any portfolio beginning with the March 31, 2020 reporting cycle. Read more.
Loans with Forbearance Agreements
We understand that shareholders may enter into forbearance
agreements with their loan borrowers to allow them flexibility
during the COVID-19 pandemic. Such loans will continue to be
eligible collateral, assuming the loans continue to meet all
other eligibility requirements detailed in the Bank’s Credit and
Shareholders must request approval to report loans under a forbearance agreement in conjunction with COVID-19. Read more.
VBA Endorsed Provider Harland Clarke’s Call Center Solutions are here as a support to VBA members as branches change their operational systems and personnel is working remotely. In addition, they could offer direct mail services so banks can offer Skip-A-Pay options to customers, Credit Line Utilization and Mobile Deposit Activation. Brief overviews of each are below:
- Credit Line Utilization: Increase loan balances by reminding your account holders they can tap into their lines of credit to pay for big purchases like college tuition, laptops and autos.
- Mobile Deposit Activation: Increase mobile deposits and reduce transaction costs by incentivizing this channel through direct mail promotions.
- Skip-a-Pay: Direct mail is perfectly suited for skip-a-pay campaigns that increase non-interest income.
S&P Global Market Intelligence Resources
Another VBA Endorsed Provider, S&P Global Market Intelligence, has launched Coronavirus: The Global Impact, a weekly newsletter highlighting their best insights into public health, the global economy, its sectors, and commodity markets. You can sign up here to receive this newsletter on a regular basis.
SRA – Strategic risk associates
TBL Networks Covid-19 resources
VBA Endorsed Provider TBL Networks has provided resources relating to COVID-19:
- Information on testing VPN’s for increased demand created by remote workers
- Cisco resources outlined here, including free trials for WebEx
- Request evaluation and consultation from TBL
Troutman Sanders and Pepper Hamilton Resource Center
Upcoming Complimentary Webinar: Restructuring in the Time of
Thursday, April 2nd – 12:00 PM
As the world reacts to the COVID-19 global health crisis, businesses in all industries will eventually feel the impact of the pandemic’s economic and financial disruption. What steps can borrowers, lenders, customers and vendors take to protect themselves? How can taking a proactive stance with business partners help to avoid financial distress? Join Pepper Hamilton partner Deborah Kovsky-Apap and Troutman Sanders partner Hugh McDonald for a webinar to discuss risk mitigation strategies, out-of-court debt restructurings and in-court reorganizations. The discussion will also focus on strategic and financial opportunities, including § 363 sales. Click here for more information.
As the novel coronavirus (COVID-19) continues to spread, Troutman Sanders and Pepper Hamilton have developed a dedicated COVID-19 Resource Center to guide clients through this unprecedented global health challenge. Click here to access the Resource Center. They will regularly update this page with COVID-19 news and developments, recommendations from leading health organizations, and tools that businesses can use free of charge.
Recent Blog Post: Coronavirus and OSHA: What Employers Need to Know
WolfPAC Solutions and Wolf & Company
Wolf & Company is also hosting a webinar on Tuesday, March 31 on the topic of responding to COVID-19 and steps that you can take to continue operations during this interruption. Join here.
They have been helping clients validate that they are maintaining appropriate safeguards and controls through the following remotely executed services:
- Remote penetration testing of VPN appliances and firewalls
- Detailed security configuration reviews of VPN appliances and firewalls
- Remote internal network penetration testing
- Targeted social engineering campaigns
- Phishing and spear phishing
- Call center testing
- Business continuity services and pandemic triage and support
Important VBA Education & Training Events Information
In order to safeguard against COVID-19, and in accordance with health guidance from the CDC, WHO, and other health authorities, the Virginia Bankers Association is cancelling or postponing all large VBA events this spring. We have included the NEW dates of the postponed events below.
- VBA Treasury Management Seminar – September 24, 2020 – VBA Training Center
- AML/BSA 2-Day School – October 19 & 20, 2020 – VBA Training Center
- VBA/VACB Bank Directors’ Symposiums – September 8, 2020 in Roanoke and September 9, 2020 in Richmond
- Loan Processor/Loan Assistant Training – August 25, 2020 - VBA Training Center
- Commercial Lending School – August 26-27, 2020 – VBA Training Center
- Virginia Bankers School of Bank Management – Application Deadline Extended to April 15
- Compliance School - August 24-27, 2020, location TBD
- Interest Rate Risk Seminar – October 13, 2020 – VBA Training Center
If you are currently registered for these events, you will hear directly from us with information on how to transfer your registration to the new date. If you are unable to attend the event on the new date, all cancellation fees will be waived.
We will also be updating the message on the VBA event hotline at (804) 819-4739. Please contact Courtney Fleming with any questions.
VBA Media Relations & Resources
- VBA Newsroom – read recent VBA press releases and articles
- VBA In the News – read recent mentions of VBA and VBA member banks in the news
Customizable covid-19 press releases & social media images
The VBA has developed a customizable press release for our member banks to share with their local media contacts that focuses on ways banks are prepared and ready to assist consumers during the pandemic. Please remember to use #vabankers on social media posts and tag the VBA on Facebook, Instagram and Twitter (@vabankers).
- We have also developed a customizable press release that is meant to be sent as a joint release from banks in a common footprint. This release also focuses on the proactive ways all banks are addressing the current pandemic. It shares ways banks are taking aggressive steps to safeguard the health and safety of their customers, staff and communities while ensuring the delivery of important financial services such as money and credit availability.
VBA Member Banks Twitter List
The VBA has put together a list of our member banks on Twitter. This is a finely-curated feed of all our member banks’ Twitter profiles, which displays only the tweets from those organizations. This is a great resource for viewing what other banks are doing and sharing at this truly unique time. Please be sure to pass this tool along to your marketing team. Don’t see your bank’s Twitter handle on the list? Email Chandler Owdom to be added to the list.