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Financial Services Law Insights and Observations

Massachusetts DOB instructs licensees on temporary branch closures

State Issues State Regulators State Regulation Licensing Liquidity Standards Covid-19 Massachusetts

State Issues

On March 19, the Massachusetts Division of Banks issued guidance to licensees for temporary closures necessitated by Covid-19. Licensees are encouraged to provide alternative service options to customers when feasible and notify customers about closures and alternatives as soon as practicable. In addition, licensees should notify the Division of any closures, business disruptions or other significant Covid-19-related developments, including significant staff or liquidity shortages or issues with funding closed loans to consumers.

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