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.
Fed encourages banks to use capital and liquidity buffers
On March 15, the Federal Reserve issued a press release that, among other things, encouraged banks to use their capital and liquidity buffers to lend to households and businesses and announced that reserve requirement ratios will be reduced to 0% effective March 26. The Federal Reserve, OCC, and...
InfoBytesFed agencies encourage flexibility in light of Covid-19 crisis
On March 13, the OCC, FDIC, and NCUA issued guidance on March 13 that borrows heavily from the Federal Reserve’s 2013 Guidance SR 13-6 / CA 13-3 : Supervisory Practices Regarding Banking Organizations and Their Borrowers and Other Customers Affected by a Major Disaster or Emergency to address how...
InfoBytesFed agencies issue Covid-19 guidance
On March 9, the Federal Reserve, CFPB, FDIC, NCUA, OCC, and CSBS issued a joint release encouraging institutions to “work constructively with borrowers and other customers in affected communities” and stating that “prudent efforts consistent with safe and sound lending practices should not be...
InfoBytesFFIEC issues Covid-19 guidance
On March 6, the FFIEC issued updated guidance on steps financial institutions should take to minimize adverse effects of a pandemic, particularly with respect to the institution’s business continuity plans.
InfoBytesCovid-19 update from Buckley LLP
We know you are receiving a number of coronavirus-related communications, so we’ll be brief: We’re in this together and ready to serve. The coronavirus crisis is changing rapidly, and we are taking steps to lessen the impact on our law firm, our clients, and our communities.
Health,...
AnnouncementsSEC guidance provides regulatory flexibility for shareholder meetings
On March 13, the SEC issued guidance to assist public companies, investment companies, shareholders, and other market participants affected by Covid-19 with upcoming annual shareholder meetings. According to the SEC, the guidance is intended to facilitate the ability of companies to hold these...
InfoBytesNorth Carolina Office of Commissioner of Banks communicates on operational changes
On March 17, the North Carolina Office of Commissioner of Banks issued a communication to banks advising them that the OCOB needs to be informed of any changes in operations or services offered.
InfoBytesMichigan Department of Insurance and Financial Services issues message to consumers addressing financial concerns
On March 17, Michigan Department of Insurance and Financial Services Director Anita Fox published a letter to consumers seeking to address financial concerns stemming from the Covid-19 crisis and emergency measures. In the letter, Fox assured consumers that Michigan’s financial institutions are...
InfoBytesIowa Division of Credit Unions issues update on notifications to close or limit services
On March 17, the Iowa Division of Credit Unions issued an update pertaining to advanced notice for credit unions to limit services or close branches. In response to the Covid-19 crisis, the superintendent announced the standard requirement to notify the division 60 days prior to closures or...
InfoBytesMinnesota Commerce Department provides “work from home” guidance to regulated institutions
On March 17, the Minnesota Commerce Department issued guidance to mortgage originators and servicers outlining the process for temporarily or permanently closing branch offices in Minnesota. For permanent closures, a licensee should file a surrender through NMLS. For temporary closures, the...
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