Michigan regulator issues guidance for financial services sector to comply with stay at home orders

State Issues Covid-19 Michigan Bank Compliance Real Estate Mortgages

On May 6, the director of Michigan’s Department of Insurance and Financial Services issued Bulletin 2020-23-BT/CF/CU to provide guidance to the financial services industry on compliance with the governor’s stay at home orders. The bulletin reiterates that work by the financial services sector should be done remotely to the fullest extent possible and businesses should take other mitigating measures for non-remote workers. It also clarifies that workers in the real estate industry, as opposed to mortgage companies, are not critical infrastructure workers, and should refer to guidance by the Michigan Department of Licensing and Regulatory Affairs.