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Financial Services Law Insights and Observations

Virginia Bureau of Financial Institutions issues policy statement regarding Covid-19

State Issues Covid-19 Virginia Financial Institutions Licensing Privacy/Cyber Risk & Data Security Examination

State Issues

The Virginia Bureau of Financial Institutions issued a policy statement encouraging supervised financial institutions to work constructively to mitigate the impacts of Covid-19 on Virginia consumers and businesses. The bureau advised licensees that data security, internal controls, and adherence to safe and sound lending practices are of paramount importance in alternative work programs.  The bureau also will work with financial institutions when scheduling examinations and will place an increased emphasis on off-site reviews and examinations. The policy statement is effective through July 1, 2020, unless modified or withdrawn.

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