Arizona Department of Financial Institutions issues guidance to financial institutions working with customers affected by Covid-19

State Issues Covid-19 Arizona Bank Compliance ATM Consumer Finance Foreclosure

On April 24, the Arizona Department of Financial Institution issued a statement to financial institutions working with customers affected by Covid-19. Financial institutions are encouraged to work with affected customers and communities including through, among other things, waiving certain fees, increasing ATM cash withdrawal limits, offering payment accommodations, and suspending actions to foreclose on homes and businesses. Prudent efforts to modify the terms on existing loans for affected customers will not be subject to department criticism. The statement also provides guidance on financial condition review, supervisory response and regulatory relief, regulatory reporting requirements, and alternative service options for customers.