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Financial Services Law Insights and Observations

NYDFS permits depository institutions to hold remote meetings

State Issues Covid-19 NYDFS Bank Charter Credit Union Shareholders

State Issues

On April 16, the New York State Department of Financial Services announced that it issued an order permitting state-chartered banks, credit unions, mutual savings and loan associations, and mutual savings banks to hold meetings virtually. These include stockholder, shareholder and accountholder meetings. The order also extends the timing requirement for annual stockholder meetings so that meetings may be held within seven months of the institution’s fiscal year end, instead of four months.