FWW Alert: Guidance on Communicating Skip Payments
3/26/2020First published in the Northwest Credit Union Association Anthem Newsletter
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The coronavirus has credit unions considering a wide variety of measures to relieve consumers of their financial stress. Many credit unions regularly offer members the chance to skip payments around the holidays, however, they’re currently fielding a flood of member requests for temporary loan payment relief due to COVID-19. For consumer loans, regulatory and documentation requirements for deferred or skip payments have always created some confusion — especially when a fee is charged — but the process is relatively simple.