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Financial Services Law Insights and Observations

Minnesota regulator issues telework guidance

State Issues Covid-19 Minnesota Non-Depository Institution Licensing Privacy/Cyber Risk & Data Security

State Issues

On December 15, the Minnesota Commerce Department issued guidance regarding non-depository financial institution telework. The guidance provides that if the licensed location is still offering financial products or services, employees can work from home to perform tasks as long as the following are met: (i) transactions are tied to the licensed/registered location; (ii) consumers are not physically going to an unlicensed location (e.g., employee’s home); (iii) no physical records are maintained at the unlicensed location; and (iv) the employee is able to maintain the company’s data security policies and standards while working remotely.

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