Update and Follow up Discussion on Payroll Assistance Loans for State of Illinois Employees Please Dial In Code:

 Please mute your line  Q & A forum at end  Submit questions via:  Question tab on webinar dashboard  Raise “hand”

 Welcoming Remarks  Tom Kane, ICUL President/CEO  Background/Status Update  Patrick Smith, ICUL SVP Regulatory Affairs  Credit Union 1 “LAP” Overview  Brenda Crane, CU1 SVP/COO  Treasurer’s Emergency State Worker Linked Deposit Program  Michael W. Frerichs, Illinois State Treasurer and staff  Q & A

Tom Kane, ICUL President/CEO

 Patrick Smith  ICUL Senior Vice President, Regulatory Affairs

 Loan Assistance Program  History and Background

 Loan Assistance Program  Overview of Recent Activity

 Illinois Credit Unions “Stepping Up”  Partnership with Illinois State Treasurer’s Office

 Positive Press Coverage!

 Consumer/Member FAQ’s Developed

 Why are credit unions stepping up to help?  It is the primary mission of credit unions to serve their member owners in both good times as well as times of financial distress.  Which Illinois credit unions are offering Loan Assistance Programs to State of Illinois employees?  For a current list of participating CUs please go to ICUL website:  Who is eligible for a loan?  All State of Illinois employees 18 years of age experiencing an interruption in payroll due to the current State budget impasse. (please contact a participating credit union for specific information regarding membership eligibility requirements)

 Must I be an existing credit union member at the time of application to be eligible for a payroll interruption loan?  While some credit unions may limit their loan assistance programs to existing members as of a specific date, many are also extending eligibility to new members.  Am I guaranteed approval of a payroll interruption loan?  No. While every effort will be made by your credit union to offer assistance using very fair underwriting criteria, some individuals may not qualify.  How long will it take to be approved and receive loan proceeds from my credit union?  While loan approval and disbursement of proceeds will vary, all participating credit unions understand the extreme urgency of the situation and the need to quickly process applications.

 Are all Loan Assistance Programs offered by Illinois credit unions the same?  No, a variety of different programs, terms, rates and other options are being offered to assist.  Why are some of the loan assistance programs limiting loans to an amount less than my current net pay at the time of application?  Credit unions must balance their mission of helping their members with regulatory requirements to adhere to safe and sound loan underwriting standards. Net payroll amounts can vary depending on voluntary elections by an employee such as tax withholdings amounts, U.S. Savings Bonds, deferred compensation and other payroll deductions or by involuntary outside factors such as wage garnishments, tax liens, child support, etc. For this reason, a “safety” buffer between the actual amount of the loan and current net pay may be required.

 What other options can my credit union provide to assist me beyond Loan Assistance Programs?  Some credit unions are also offering payment deferrals/extensions (“skip a payment”) and/or refinance options on existing loans as well as other options for impacted members such as early withdrawal without penalty on Certificates of Deposit, Christmas clubs or other special accounts.  How do I join a credit union?  It’s easy! Please visit asmarterchoice.org

 Recent Developments  Budget Impasse and  State Payroll Status

 Brenda Crane  Credit Union 1 SVP/COO

Michael W. Frerichs, Illinois State Treasurer

 Submit via Questions Tab on Dashboard  Raise “hand”

 Patrick Smith  ICUL Senior Vice President, Regulatory Affairs  