Texas Department of Savings and Mortgage Lending issues business continuity, work from home guidance

State Issues Covid-19 Mortgages Texas

On March 13, the Texas Department of Savings and Mortgage Lending issued a statement to state savings bank presidents and chief executive officers, reminding them to review their business continuity plans, particularly as they relate to pandemics.

On March 13 and 17, the Texas Office of Consumer Credit Commission issued advisory bulletins to regulated lenders, credit access businesses, property tax lenders, and motor vehicle sales finance licensees regarding responses they can take to Covid-19, including allowing licensees to conduct business activities from unlicensed locations provided certain requirements are met (e.g., the licensee prepares a written plan or document describing next steps and locations where credit access business activity will take place).

On March 16, the Texas Department of Banking issued Industry Notice 2020-03 providing guidance to regulated institutions regarding customer support, pandemic preparedness including tips on emergency closures, and future examinations.