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Financial Services Law Insights and Observations

Iowa Superintendent of Banking provides update on Covid-19 response

State Issues Iowa Covid-19 Debt Relief Loan Modification

State Issues

On March 24, Iowa’s Superintendent of Banking sent an update letter to bank presidents and CEOs concerning the state’s Covid-19 response efforts. The update highlighted, among other things, the following: (i) loan and grants available to small businesses through state and federal programs; (ii) the governor’s suspension of foreclosures and evictions in the state; (iii) the Division of Banking’s temporary suspension of requirement for in-person annual meetings; (iv) the governor’s outreach to county auditors, recorders and treasurers asking them to facilitate full range of vital mortgage-related services; (v) ongoing efforts to refine the offsite exam process; and (vi) guidance at the federal level from the Treasury Department and the March 22 Interagency Statement regarding loan modifications and troubled debt restructurings (covered by InfoBytes here).