Covid-19 News & Analysis
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News items updated weekly; inclusive posting of state issuances suspended June 30, 2021, due to declining volume
Spotlight: Buckley's Covid-19 Legal Resources & Capabilities
Buckley's core strengths sit at the confluence of the most threatening risks companies of every size and in every industry now face from the pandemic and the government’s response. We feature a deep bench of industry-leading legal professionals that provide best-in-class advice through a tailored, responsive approach that delivers the legal experience of a diversified law firm.
Montana regulator permits state banks, credit unions to close
On March 12, the Montana Division of Banking and Financial Institutions issued a proclamation permitting state-chartered banks and credit unions located in Montana to close any office to protect the health and safety of employees and customers. The proclamation orders all institutions to develop...
InfoBytesFINRA releases pandemic-related guidance in connection with Company-Related Action submissions
On March 12, FINRA released guidance in connection with Company-Related Action submissions. The guidance provides that FINRA’s Market Operations Department will not deem a Company-Related Action as late for purposes of assessing late fees if an issuer is unable to provide notice sufficiently in...
InfoBytesIdaho regulator issues “Work from Home” guidance
On March 12, the Idaho Department of Finance issued guidance to its licensees and registrants—including mortgage brokers/lenders, mortgage loan originators, regulated lenders, title lenders, payday lenders and collection agencies—permitting employees to work from home even where the residence is...
InfoBytesKansas Department of Credit Unions issues guidance on pandemic planning
On March 11, the Kansas Department of Credit Unions issued guidance to Kansas-chartered credit unions on pandemic planning. The guidance outlines areas and objectives that should be met by a credit union’s business continuity plan. Among other things, the guidance encourages credit unions to have a...
InfoBytesMassachusetts DOB reminds licensees of requirement for pandemic planning
On March 11, the Massachusetts Division of Banks issued a reminder to licensees to have business continuity plans that address the circumstances of a pandemic outbreak. The Division further advised licensees that it does not require an MLO’s home to be licensed as a branch so long as they do not...
InfoBytesHouse Financial Services Committee sends letter to trade associations regarding responses to Covid-19
On March 11, the House Financial Services Committee issued a letter to several institutions and trade associations stating its concern for citizens impacted by the pandemic in which it urged them to provide assistance. In doing so, it said that “[i]t would be unfair if innocent borrowers were...
InfoBytesMichigan Office of Credit Unions issues a call for credit unions to review emergency procedures and continuity plans
On March 10, the Michigan Office of Credit Unions Director Denice Schultheiss issued a letter to credit unions calling on them to review their Disaster Recovery and Continuity of Operations Plans and Procedures in light of the Covid-19 crisis. Key operational aspects to be reviewed include: (i)...
InfoBytesTexas regulator issues guidance for credit union contingency plans
On March 10, the Texas Credit Union Department issued guidance to credit unions encouraging them to update their pandemic procedures, initiate contingency plans, and take steps to reduce Covid-19 transmission. The department also urged credit unions and their boards to remain informed on Covid-19...
InfoBytesWashington regulator advises credit unions that virtual annual meetings are permitted
On March 6, the Washington Department of Financial Institutions, Division of Credit Unions notified credit unions that they are permitted to conduct annual meetings virtually, although any virtual meetings would need to be authorized by the institution’s bylaws and the meeting must otherwise be...
InfoBytesWashington regulator requests notice of credit union closures
On March 5, the Washington Department of Financial Institutions, Division of Credit Unions asked credit unions to provide notification if they temporarily close a branch or other location typically open to the public. The regulator also asked credit unions to provide notification if they otherwise...
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