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HUD’s Office of Fair Housing and Equal Opportunity issued FAQs to address questions and concerns regarding the Fair Housing Initiatives Program (FHIP) operations during the Covid-19 epidemic. The FAQs address, among other things, the impact of Covid-19 on existing FHIP awards, as well as possible extensions due to the disruption of planned activities.
The Georgia Department of Banking and Finance issued a statement to Georgia state-chartered banks and credit unions regarding emergency closing notification procedures. The statement provides that Georgia state-chartered financial institutions have the discretion to close business operations in the event of a natural disaster or other emergency, including situations where an emergency is imminent. The Deputy Commissioner for Supervision must be notified in the event of a main office and/or branch closure, or an alteration of the normal delivery of banking services.
On March 18, the Florida Office of Financial Regulation issued a statement to financial institutions providing that it is open for business and ready to support state-chartered financial institutions. It also encourages financial institutions to work with affected customers and communities, and states that reasonable efforts to make new loans and modify the terms of existing loans of affected customers will not be subject to examiner criticism.
On March 12, the Florida Office of Financial Regulation (OFR) issued guidance to executives of financial institutions. The guidance directs executive officers of financial institutions to determine whether an emergency exists requiring closure or modification of the operation of a financial institution for more than 48 hours. The guidance provides that the OFR will expeditiously process any requests for approval to modify or close any departments, sections, functions, offices, or facilities.
On March 20, the Oregon Division of Financial Regulation issued a bulletin for state-regulated lenders and loan servicers to work with borrowers impacted by Covid-19. The division encouraged lenders and servicers to offer distressed borrowers forbearance plans, waive late and online payment fees, ease credit terms for new loans, and deferred payment options. Most provisions of the bulletin called for a 90-day grace period and placed a moratorium on evictions and foreclosures. The guidance applies to banking institutions, credit unions, mortgage bankers, mortgage brokers, loan originators, and servicers, consumer finance lenders, and payday and title lenders. The issuance follows a declared state of emergency by Governor Brown on March 8.
On March 20, the Commissioner of the Office of Financial Regulation issued an emergency order providing that existing renewal deadlines occurring in March or April for licenses, permits, registrations and certificates issued by OFR are suspended and tolled for 30 days unless extended.
Florida Office of Financial Regulation sets forth options related to the operation of various financial services industries
On March 20, the Florida Office of Financial Regulation issued guidance to consumer finance industries regarding remote work. Specifically, mortgage loan originators may work remotely so long as they do not conduct business in a manner that would require a license for their home. In addition, state licensed mortgage companies are advised to take precautions to maintain safety and security of data and records in connection with remote work.
On March 20, the New Hampshire Banking Department issued FAQs discussing mortgage foreclosures during the Covid-19 pandemic. Among other things, the FAQs clarified that New Hampshire Emergency Order #4 temporarily prohibits any judicial or non-judicial foreclosure action in New Hampshire during New Hampshire’s Covid-19 State of Emergency, regardless of where the lender is located.
On March 20, the Maryland Office of the Secretary of State issued a notice extending the four-year statutory term for all notaries public with an active commission. The notice will remain in effect until 30 days after the state of emergency has been terminated.
The Arkansas Securities Department (ASD) issued a statement providing that certain time constraints in statutes and rules that regulate the securities, non-depository mortgage lending, and money services industries may prevent or hinder the Department’s ability to render maximum assistance to the citizens of Arkansas while they are adhering to guidelines to prohibit the spread of disease. The statement provides that those statutes and rules administered by the Commissioner that have specific time constraints will be relaxed through April 16, 2020 when it is shown the need is related to Covid-19.
- Daniel R. Alonso to discuss "When can trial lawyers take their case to the public? The Harvey Weinstein case and beyond" at a New York City Bar Association webcast
- Jonice Gray Tucker to discuss "Fair servicing in wake of Covid-19" at an American Bar Association webinar
- APPROVED Webcast: Maximizing vendor value
- Daniel P. Stipano to discuss "Cram for the exam: Best prep strategies for a regulatory examination" at an ACAMS webinar
- Melissa Klimkiewicz to discuss "Flood insurance basics" at the NAFCU Virtual Regulatory Compliance School
- Sasha Leonhardt to discuss "Privacy laws clarified" at the National Settlement Services Summit (NS3)