Louisiana Office of Financial Institutions declares emergency for state-chartered entities

State Issues Covid-19 Louisiana SBA Bank Compliance

On April 7, Louisiana Office of Financial Institutions (OFI) Commissioner John Ducrest declared a state of emergency and issued guidance for state-chartered financial entities in response to the Covid-19 crisis. The order granted: (i) Louisiana-based entities blanket parity with federally-chartered entities to offer Small Business Administration Paycheck Protection Program loans; and (ii) state-chartered financial institutions the authority to temporarily close or relocate branch offices, or otherwise reduce operations, services, and products. The order also provided guidance for reporting operational changes to OFI and adjusted annual meeting requirements to allow for remote conferencing. The declared state of emergency is set to extend through April 30, unless otherwise extended or renewed.