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Financial Services Law Insights and Observations

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  • Nebraska issues guidance regarding examinations during Covid-19 emergency

    State Issues

    On March 25, the Nebraska Department of Banking and Finance (Department) announced it will temporarily halt all regular examinations unless the examination is critical to safety and soundness, consumer protection, or is necessary to address an urgent or immediate need. If the Department already has a majority of the requested information, the institution may elect to move forward with the Department’s examination. The Department will reassess this approach on April 24 or when the emergency has ended, whichever is sooner. 

    State Issues Nebraska Examination Consumer Protection Covid-19 State Regulators

  • Colorado issues guidance on business continuity, pandemic planning to credit unions, savings and loan institutions

    State Issues

    On March 10, the Colorado Department of Regulatory Agencies, Division of Financial Services, issued guidance on business continuity and pandemic response to Colorado state-chartered credit unions and savings and loan institutions. The guidance reminds regulated financial institutions to review and revise, if necessary, the institutions’ business continuity and pandemic response plans, which could also include liquidity management, contingency funding, and emergency response plans.

    State Issues Covid-19 Colorado

  • Pennsylvania temporarily suspends in-person notarization requirements for real estate sales

    State Issues

    On March 25, the Pennsylvania Department of State issued a temporary suspension of regulations requiring in-person notaries for real estate transactions. The suspension applies to personal real estate transactions that were already in process prior to the announcement of emergency measures. The department also waived personal appearance requirements (subject to certain requirements) for commercial real estate transactions both prior to and during the crisis.  The department has approved three remote notarization providers: Doc-Verify, Safe-Docs, and Pavaso (for title companies).

    State Issues Covid-19 Pennsylvania Notary

  • Colorado Division of Banking issues guidance to state-chartered financial institutions

    State Issues

    On March 16, the Colorado State Bank Commissioner issued guidance requesting that financial institutions notify the Division of Banking of any issues they may experience involving continuing operations, any unusual account withdrawals, FDIC insurance questions, or any other banking matter. The guidance also requests email notification of any changes to the financial institutions’ banking hours. With respect to scheduled and upcoming examinations, the Division is prepared to “adjust planned supervisory activities as events dictate, and will conduct as much of the examination as possible offsite.”

    State Issues Covid-19 Colorado FDIC

  • Connecticut Department of Banking issues guidance to state chartered banks and credit unions

    State Issues

    On March 17, the Connecticut Department of Banking issued guidance to Connecticut state chartered banks and credit unions on Covid-19-related issues. The guidance encourages financial institutions to work with all borrowers whose ability to make loan repayments may be impacted by Covid-19. Such efforts may include easing credit terms for new loans, waiving overdraft fees, increasing the number of allowed money market withdrawals, waiving CD early withdrawal penalties, waiving late fees for loan balances, and offering payment accommodations. The guidance notes that any modifications to existing loans deemed prudent by financial institutions in light of the circumstances will not be subject to regulatory criticism. The guidance also requests that financial institutions inform their servicers and collection agencies regarding the servicers’ policies so that borrowers receive information about possible accommodations.

    State Issues Covid-19 Connecticut

  • Connecticut Department of Banking issues guidance to residential mortgage servicers

    State Issues

    On March 18, the Connecticut Department of Banking issued guidance to residential mortgage servicers on Covid-19-related issues. The Department encourages mortgage servicers to work with all borrowers whose ability to make loan repayments may be impacted by Covid-19. Such efforts may include waiving late fees, offering forbearance plans or other deferment options, and having adequate staff available to proactively work with borrowers. Mortgage servicers should also inform their internal and external collection teams regarding the servicers’ policies so that borrowers receive information about possible accommodations. The guidance also notes that Connecticut is extending Small Business Express loans for 90 days, offering a 90-day grace period on making payments, and delaying payment of some business taxes for 60 to 90 days.

    State Issues Covid-19 Connecticut Mortgages

  • Connecticut issues stay at home order

    State Issues

    On March 20, the Connecticut Governor issued a stay at home order. The order requires non-essential businesses or not-for-profit entities to reduce their in-person workforces at any workplace locations by 100%. Essential businesses include banks, insurance companies, check cashing services, and other financial institutions. The order is effective from 8:00 PM on March 23, 2020, through April 22, 2020, unless earlier modified, extended, or terminated by the Governor. On March 22, the Connecticut Governor issued a subsequent executive order that clarifies the scope of the original home order. Additional guidance regarding business exemptions under the executive orders has also been released.

    State Issues Covid-19 Connecticut

  • Colorado issues executive order limiting evictions and foreclosures

    State Issues

    On March 20, the Colorado Governor issued an executive order limiting evictions and foreclosures because of Covid-19. The order requests that $3,000,000 from the Disaster Emergency Fund be made available to the Department of Local Affairs to provide short-term rental and mortgage assistance to low-income households facing financial hardship due to Covid-19. Among other things, the order also directs the Department of Regulatory Agencies (DORA), through the Divisions of Banking and Financial Services, to take steps to encourage banks, credit unions, and other financial institutions that are holding residential or commercial mortgages to halt foreclosures and related evictions in connection with the Covid-19 pandemic. DORA is further directed to encourage financial institutions to provide a 90-day deferment of payment for all consumer loans (e.g., residential and commercial mortgages, refinances, auto loans, small business loans). While some provisions of the order are effective for six months from the date of issuance, most provisions expire within 30 days from March 20, 2020, unless extended by executive order.

    State Issues Covid-19 Colorado Mortgages

  • Colorado issues executive order and public health order requiring in-person workforce reduction of nonessential businesses

    State Issues

    On March 22, the Colorado Governor issued an executive order requiring Colorado employers to reduce in-person work requirements by 50 percent for non-critical workplaces due to the presence of Covid-19. A public health order issued by the Colorado Department of Public Health and Environment subsequently that detailed the critical businesses that may continue to operate as normal. “Critical businesses” include financial institutions such as banks, credit institutions, insurance, payroll and accounting services, and services related to financial markets. The orders are effective through April 10, 2020, unless rescinded or modified.

    State Issues Covid-19 Colorado

  • Connecticut governor extends administrative deadlines during Covid-19 pandemic

    State Issues

    On March 25, the governor of Connecticut issued an executive order suspending or extending numerous state administrative deadlines. The order authorizes the head of each administrative department, agency board or commission to suspend any statutory or regulatory time requirements or deadlines as they deem necessary to respond to the Covid-19 outbreak.

    State Issues California Covid-19

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