Covid-19 Infobytes
Texas Office of Consumer Credit Commissioner issues bulletins regarding Covid-19 to regulated lenders, credit access businesses, tax lenders, and motor vehicle sales finance licensees
On March 26, the Texas Office of Consumer Credit Commissioner (OCCC) issued four bulletins directed at regulated lenders , credit access businesses , property tax lenders , and motor vehicle sales finance licensees in light of Covid-19. The bulletins urge these entities to work with borrowers...
InfoBytesOhio Department of Commerce, Division of Financial Institutions issues guidance regarding branch closures
The Ohio Department of Commerce, Division of Financial Institutions issued guidance to assist financial institutions when making the decision to limit branch operations or to close a branch. The Division advised that temporary closures of banking office locations for 48 hours or less must be...
InfoBytesMassachusetts attorney general issues emergency regulation prohibiting certain debt collection practices
On March 27, the Massachusetts attorney general issued an emergency regulation that makes numerous standard debt collection actions an unfair and deceptive act or practice during the defined “state of emergency period.” Specifically, the emergency regulation prohibits both creditors and debt...
InfoBytesMissouri Division of Finance asks banks to communicate schedule/service changes
On March 17, the Missouri Division of Finance communicated with state-chartered banks, requesting that the MDF be notified of any changes affecting schedules or services offered. If the closure of an entire facility for more than 24 hours is necessary, banks are instructed to ensure that the...
InfoBytesMassachusetts issues essential services FAQs
On March 25, Massachusetts posted a list of FAQs to assist businesses and consumers determine what is considered an essential business, as well as information to assist businesses seeking to qualify as essential.
InfoBytesMassachusetts Division of Banks addresses financial institutions and mortgage industry on Covid-19 provisions
On March 25, the Massachusetts Division of Banks communicated with the state’s financial services industry, stating that the Division “fully expects” institutions to provide relief to those borrowers adversely impacted during the Covid-19 crisis. These actions include: postponing foreclosures for...
InfoBytesMassachusetts Division of Banks supports NMLS policy changes to provide relief to licensees
On March 26, the Massachusetts Division of Banks issued guidance adopting the policy changes proposed by the NMLS to provide a 60-day extension to all licensees to submit Call Reports and financial statements. Additionally MDB is temporarily instituting a policy to extend the Annual Report deadline...
InfoBytesMaine Bureau of Consumer Credit Protection provides guidance to MLOs
On March 18, the Maine Bureau of Consumer Credit Protection provided interim guidance to MLOs, allowing employees to work from home as long as data security provisions are in place, and physical business records are stored only at the licensed main office. The guidance will be effective through May...
InfoBytesSEC provides additional temporary regulatory relief and assistance to market participants affected by Covid-19
On March 26, the SEC issued a press release announcing an order and a temporary final rule providing temporary relief and assistance to market participants affected by Covid-19. The statement notes that the SEC is providing (i) temporary relief from notarization requirements from March 26 through...
InfoBytesFTC issues statement on consumer protection during Covid-19
On March 26, the FTC Chairman issued a statement reiterating that the FTC is working closely with federal and state law enforcers and other stakeholders and is “devoting significant resources to tackling scammers and unfair and deceptive business practices” particularly with respect to the Covid-19...
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