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.
Michigan Office of Credit Unions issues letter to CEOs and board leaders
On March 13, the Michigan Office of Credit Unions Director Denice Schultheiss issued a letter to credit union CEOs and chairpersons providing guidance for annual meetings and closure notifications during the Covid-19 crisis. The guidance allows credit unions to cancel or postpone annual meetings...
InfoBytesAlabama releases Covid-19 guidance for credit unions
On March 13, the Alabama Credit Union Administration issued guidance for credit unions on pandemic planning. The guidance encourages credit unions to review their business continuity plans and to notify the agency of issues arising from Covid-19, including staffing issues, difficulties obtaining...
InfoBytesWest Virginia regulator permits financial institution employees to work remotely
On March 13, the West Virginia Division of Financial Institutions issued temporary guidance permitting employees of regulated entities to work from home or another remote location approved by the financial institution. Temporary assignments under the guidance are permitted from March 13 through May...
InfoBytesMinnesota banking regulator issues guidance for collection agencies and debt collectors
On March 13, the Minnesota Commerce Department released guidance to licensed collection agencies granting permission for individual debt collectors to work from home, even where the residence is not a licensed branch location. The collection agencies should ensure that no activity will be conducted...
InfoBytesMississippi Department of Banking and Consumer Finance encourages institutions to work with customers during pandemic
On March 13, Mississippi’s Department of Banking and Consumer Finance announced regulatory guidance encouraging financial institutions to work with customers and communities affected by the Covid-19 pandemic. Specifically, financial institutions are encouraged to engage in various efforts,...
InfoBytesNew Hampshire regulator provides guidance on branch closures, annual meetings, and examinations
On March 13, the New Hampshire Banking Department (NHBD) issued a memorandum to state-chartered banks, credit unions, and trust companies encouraging them to work constructively with customers experiencing difficulty due to Covid-19 and offering guidance on branch closures, annual meetings,...
InfoBytesTexas regulator: credit unions are free to react to Covid-19 pandemic
On March 13, the Texas Credit Union Department clarified its supervisory stance regarding how credit unions react to swiftly changing conditions resulting from Covid-19. The regulator indicated that while credit unions and their management teams should consult with appropriate legal and medical...
InfoBytesWisconsin endorses FFIEC guidance for credit unions
On March 13, the Wisconsin Department of Financial Institution sent a letter to credit unions to support and reinforce the guidelines issued by the Federal Financial Institutions Examination Council on March 6, which recommended steps for credit unions to proactively prevent disruptions of...
InfoBytesMortgage sellers, servicers reminded of relief options for borrowers impacted by Covid-19
On March 10, Federal Housing Finance Agency Director Mark Calabria released a statement reminding mortgage servicers that borrowers impacted by Covid-19 and experiencing payment hardship would be eligible for hardship forbearance options set forth in the relevant Fannie Mae and Freddie Mac...
InfoBytesRegulatory agencies issue pandemic planning statement
On March 6, the Federal Reserve, FDIC, OCC, NCUA, Conference of State Bank Supervisors, and the CFPB—through the Federal Financial Institutions Examination Council— issued an Interagency Statement on Pandemic Planning , which, among other things, updates 2006 and 2007 guidance on the need for...
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