Maryland regulator issues statement on working with customers affected by Coronavirus, provides regulatory relief

State Issues Covid-19 Maryland

On March 19, the Maryland Office of the Commissioner of Financial Regulation issued a statement encouraging financial institutions to take steps to meet the financial services needs of customers and communities adversely impacted by Covid-19, stating that prudent efforts to modify the terms of an existing loan to adversely impacted borrowers will not be subject to examiner criticism.  The Office also noted that it will provide regulatory relief to financial institutions affected by Covid-19 related issues, including working with institutions facing difficulty meeting regulatory reporting deadlines, making greater use of remote off-site reviews, and considering the extraordinary circumstances when determining any supervisory response to an institution’s financial condition, especially if that condition is caused by an increase in delinquent or non-performing loans.