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Alabama Bureau of Loans issues guidance on annual report submission
The supervisor for the Alabama State Banking Department Bureau of Loans issued a statement to licensees extending the annual report, mortgage call report, and financial statement deadlines to July 15.
Alabama issues proclamation providing relief from residential evictions and foreclosures
On April 3, the Alabama governor issued a proclamation announcing temporary relief from residential evictions and foreclosures. All state, county, and local law enforcement officers are directed to cease enforcement of any order that would result in the displacement of a person from their residence. The proclamation does not relieve individuals of any obligation to pay rent, make mortgage payments, or comply with any obligation that an individual may have under a rental agreement or mortgage. Any law that conflicts with the proclamation is suspended for the duration of the state of emergency for Covid-19.
Alabama governor issues proclamations addressing notary services and remote shareholder meetings
On March 26, the Alabama governor issued a proclamation permitting remote notarization through videoconferencing, provided that certain requirements are met. A subsequent proclamation, issued on April 2, extended permission for remote notarization to unsupervised, non-attorney notaries and added a record-keeping requirement for such notarizations. Additionally, the proclamation permits remote shareholder meetings pursuant to guidelines and procedures adopted by the corporation’s board of directors, provided that certain requirements are met.
Alabama Securities Commission will conduct exams remotely
On March 23, the Alabama Securities Commission released information about changes to its work practices to respond to Covid-19. Among other things, it noted that audit field examiners are conducting streamlined, remote examinations by phone and email, and its staff will be responsive and receptive to requests for extensions and other regulatory relief.
Alabama State Bank Dept. issues Covid-19 lending/borrowing guidance
On March 19, the Alabama State Bank Department (ASBD) issued guidance on lending and borrowing in light of Covid-19. ASBD notes that it has historically required Other Real Estate (ORE) properties that are held for five years to be written down to $1 if the bank has not received written approval of the Superintendent for an extended holding period. Effective immediately, ASBD’s guidance provides that where write-downs have been required for properties that are beyond the five-year limit, banks may discontinue the required write-downs and hold the properties at current book value.
Alabama allows MLOs to work from home
On March 12, the Alabama State Banking Department issued a statement reminding all licensees to update business continuity plans. In addition, the statement also allows licensees to relocate offices or to permit Mortgage Loan Originators to work from home to help prevent the spread of Covid-19. The Department encourages licensees to maintain compliance with all applicable laws and regulations, and to notify the Department of any relocation, closure or remote work.
On March 16, the Alabama Governor issued a statement expressing confidence in the measures that financial institutions have put in place. The statement notes that Alabama banks are required to have business continuity plans in place to address emergency situations.
Alabama Securities Commission provides temporary relief for certain financial professionals
On March 19, the Alabama Securities Commission (ASC) issued an emergency order temporarily exempting certain financial professionals (i.e. broker-dealers, investment advisers, and their registered agents or representatives) who are not registered or notice filed with the ASC and who have been displaced from their ordinary business locations from the registration and filing requirements of the Alabama Securities Act, subject to certain conditions. The emergency order also provides broker-dealers, state registered investment advisors and federal covered investment advisers with relief from the requirement to obtain physical signatures on Forms U4 under the Alabama Securities Act and related regulations, subject to certain conditions. Further, the emergency order permits investment advisors registered with the ASC to perform any of the Form ADV filing, updating and customer delivery requirements set forth by the Alabama Securities Act and related regulations up to 45 days after such action is due to be performed. The emergency order will remain in effect until April 30, 2020, unless extended or rescinded.
Alabama State Banking Department issues Covid-19 guidance
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.
Alabama Superintendent of Banks issues Covid-19 guidance
On March 16, the Alabama Superintendent of Banks issued a statement with steps that financial institutions can take when working with Covid-19-affected customers and communities, including waiving certain fees, increasing ATM daily cash withdrawal limits, and easing restrictions on cashing out-of-state and non-customer checks. The statement also provides guidance on financial condition review, supervisory responses, regulatory relief, regulatory reporting requirements, and alternative service options for consumers.
Alabama State Banking Dept. reminds businesses on continuity planning
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.