CUNA Mutual Group: Lending Program Updates in Response to COVID-19
As the coronavirus (COVID-19) crisis continues, member financial stress seems to grow daily, and credit unions are stretched trying to meet their financial needs while also meeting new and varying state requirements.
To help you through these difficult times, CUNA Mutual Group has reviewed all recently issued state mandates and is taking action to support your credit union and members. We will not cancel or non-renew policies for failure to pay premium due for 90 days. Other product specific updates include:
Credit Insurance
- There is currently no change for most credit unions because our standard Credit Insurance product already has a built-in 90-day grace period.
- Review this FAQ for additional information regarding the impact of deferred or delinquent payments on Credit Insurance.
- Action Required for Credit Unions selling Credit Insurance issued under a Group Policy in Alaska, Delaware, Indiana, Louisiana, Mississippi, and Oregon:
- You must ensure Credit Insurance does not automatically terminate during a certain time frame:
- Data processing systems must be updated to remove the delinquency provision from your insurance codes per the timeline indicated for your state.
- Contact our Payment Protection Services at 800.356.2644, ext. 665.2000 or PaymentProtectionServices@cunamutual.com for more information.
Debt Protection
- While state insurance department bulletins do not apply to our Debt Protection product, be aware that Debt Protection already has a built-in 90-day grace period that will help members impacted by COVID-19.
- Certain eligibility requirements for involuntary unemployment payment cancellation have been relaxed. Review this FAQ for additional information.
Credit Insurance and Debt Protection Claims
- Member access to My Claims Portal has been streamlined to improve claims servicing and speed processing.
GAP and MRC
While GAP and MRC are not impacted by the deferred payments state bulletins, we have taken additional steps to help credit unions and members with GAP:
- GAP Waivers: Two additional skip payments taken between March 1 and July 31, 2020 allowed on all active waivers
- GAP Plus: Eligibility for Plus benefits expiring between March 1 and June 1, 2020 is extended to August 31
Given the fluid nature of the world we live in today, CUNA Mutual Group continues to
monitor developments and provide regular updates for credit unions and members. As your
primary source for the latest information and updates, you are strongly encouraged to visit
the Stronger Together web page, which includes:
As always, remember that your Account Team is available to support you.
Now more than ever, credit unions will demonstrate the people helping people philosophy,
and CUNA Mutual Group will do what we can to help. Because we’re indeed Stronger
Together.
