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Idaho regulator provides updates on agency operations
On March 26, the Idaho Department of Finance provided updates to its registrants and licensees regarding the Department’s current operations. In particular, the Department noted that staff are continuing to process licensing and registration applications, but companies may choose to transition...
InfoBytesIdaho regulator issues “Work from Home” guidance
On March 12, the Idaho Department of Finance issued guidance to its licensees and registrants permitting employees to work from home even where the residence is not a licensed branch. The Department stated it will not take action against a licensee or registrant so long as the licensable activities...
InfoBytesNorth Carolina sets up “essential supplier” vetting process
North Carolina Emergency Management announced that it created a process to vet businesses to determine whether they are essential suppliers that can continue operations if emergency closures are declared. To seek a determination, businesses should email beoc@ncdps.gov , providing: 1. business name...
InfoBytesNorth Carolina governor prohibits mass gatherings, closes certain businesses
On March 23, the governor of North Carolina issued an executive order prohibiting mass gatherings of 50 or more. The order does not specifically address financial institutions.
InfoBytesNYDFS encourages insurance licensees to use E-Signatures
The NYDFS issued guidance encouraging regulated insurance persons to use and accept electronic signatures and records to facilitate insurance transactions in instances that cause no consumer harm. The NYDFS reminded licensees that both New York’s Electronic Signatures and Records Act and the...
InfoBytesNYDFS suspends license expiration for individual insurance producers for 60 days
On March 25, the NYDFS suspended the license expiration of all individuals who are licensed insurance producers – brokers, agents, intermediaries and other persons required to be licensed in order to sell, solicit or negotiate insurance in New York – for 60 days. The NYDFS issued the temporary...
InfoBytesFDIC, OCC, NCUA identify essential critical infrastructure workers during Covid-19
On March 26, the FDIC issued FIL-25-2020 stating that the financial services sector is a “critical infrastructure” during the Covid-19 pandemic pursuant to the Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency’s (CISA) March 19 guidance . The guidance is intended to...
InfoBytesBanking regulators urge small-dollar lending during Covid-19 crisis
On March 26, the FDIC, Federal Reserve Board, CFPB, NCUA, and OCC issued a joint statement encouraging banks, savings associations, and credit unions to offer responsible, small-dollar loans to consumers and small businesses affected by Covid-19. The agencies recognize that small-dollar lending can...
InfoBytesCFPB outlines regulatory flexibility related to Covid-19
On March 26, the CFPB announced several regulatory flexibility measures to help financial companies work with consumers affected by Covid-19. Specifically, the measures postpone certain industry data collections on Bureau-related rules. These include: HMDA. Quarterly information reporting by...
InfoBytesFannie, Freddie develop payment deferral program
On March 25, Fannie Mae announced the release of a new payment deferral program developed with Freddie Mac at the direction of the FHFA. Fannie Mae issued Lender Letter LL-2020-05 and Freddie Mac issued Bulletin 2020-6 to introduce the new workout option which “enables servicers to assist eligible...
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