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On April 1, the Louisiana Office of Financial Institutions issued a bulletin urging financial institutions to review their disaster recovery/business continuity plans and update them as needed to ensure that all interdependent operations are considered. The guidance includes a list of considerations, including, among other things: supplying staff with protective equipment and training; updated contact information for third party services and consideration of third party services that might become impaired in an incident; contingency communication process; remote work possibilities; identification of critical operations, including as examples, core processing systems, ATM processing and replenishment, online banking systems, payment processing, and wire processing; cross-training for continuity; and liquidity and cash considerations.
On March 30, the Texas Department of Banking, in conjunction with the Independent Bankers Association of Texas and the Texas Bankers Association, issued a set of recommendations for banks to consider as they develop business continuity plans during the Covid-19 crisis. The guidance specifically notes that the recommendations do not constitute required action.
On March 24, The Kentucky Department of Financial Institutions (DFI) provided guidance to non-depository institutions to take steps to comply with CDC directives and Governor Andy Beshear’s guidance and executive orders. Entities are ordered to reduce face-to-face transactions; work with customers affected by the coronavirus to meet their financial needs; implement policies and procedures to work constructively with customers (including by restructuring existing loans, extending repayment terms, and waiving fees); manage COVID-19 related staffing issues; and ensure that business continuity plans include pandemic planning.
On March 12, the Alabama State Banking Department (ASBD) issued guidance on pandemic planning and expectations. Among other things, the ASBD expects banks to review, update, and implement business continuity planning, including pandemic planning. It also expects banks to stay informed and updated with reliable information about Covid-19. ASBD also states that it intends to fulfil its essential functions, while limiting risk, by conducting regulatory and examination work off-site as much as possible.
On March 12, the Alabama State Banking Department issued a reminder that business continuity planning should be reviewed and updated because the Department plans to maintain normal operations regarding licensure and examination amid the Covid-19 outbreak. Licensees should immediately notify the Department of any circumstances that require the closure, relocation, or remote work program and any efforts taken to work with customers.
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 cash, and temporary branch or office closures. The agency also agrees to consider requests from credit unions to postpone their annual meetings and to conduct regulatory, supervision and examination work offsite as much as possible.
On March 12, the South Dakota Division of Banking issued a memorandum encouraging state-chartered banks to review recent pandemic planning guidance issued by the Federal Financial Institutions Examination Council and then revise or establish appropriate pandemic plans. The Division advised that the plans should be integrated into business continuity plans and consider ways to maintain essential financial services for customers while limiting impact to employees. Finally, the Division indicated that it will monitor the impact of Covid-19 and alter onsite examination activities as needed.
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 comprehensive framework of facilities, systems, or procedures to provide the organization with the capability to continue its critical operations in the event that staff members may be unavailable for prolonged periods.
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 advertise it as an office or meet consumers there and that it would permit other licensees to work from home, if feasible, subject to the same requirements.
- Jeffrey P. Naimon to provide “Fair lending update” at the Colorado Mortgage Lenders Association Operational and Compliance Forum
- Jonice Gray Tucker to discuss “Justice for all: Achieving racial equity through fair lending” at CBA Live
- Warren W. Traiger to discuss “On the horizon for CRA modernization” at CBA Live
- APPROVED Webcast: Strategy & Technology: A dynamic duo for successful regulatory exams
- Daniel R. Alonso to discuss “Primer on cross-border prosecutions in Argentina, Brazil, Colombia, and Mexico for U.S. criminal lawyers” at a New York City Bar Association webinar
- Jonice Gray Tucker to discuss "Fair lending" at the Mortgage Bankers Association Regulatory Compliance Conference
- Michelle L. Rogers to discuss “State law regulatory and enforcement trends” at the Mortgage Bankers Association Regulatory Compliance Conference
- Jonice Gray Tucker to discuss “Government investigations, and compliance 2021 trends” at the Corporate Counsel Women of Color Career Strategies Conference
- Max Bonici to discuss “BSA/AML trends: What to expect with the implementation of the AML Act of 2020” at the American Bar Association Banking Law Fall Meeting
- H Joshua Kotin to discuss “Modifications and exiting forbearance” at the National Association of Federal Credit Unions Regulatory Compliance Seminar
- Jonice Gray Tucker to discuss “Fintech trends” at the BIHC Network Elevating Black Excellence Regional Summit
- Jonice Gray Tucker to discuss "Consumer financial services" at the Practising Law Institute Banking Law Institute