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Vermont governor issues “stay home/stay safe” order
On March 25, Governor Scott issued an executive order directing all citizens to stay at home, leaving only for essential reasons. All businesses and not-for-profit entities must suspend in-person business operations, with limited exceptions, and are encouraged to develop on-line, telephone and web-based strategies. Banks and financial institutions are considered essential, but the order limits routine retail banking operations to transactions conducted through automated teller machines, drive-through services and online and telephone services order . The order is effective on March 25 at 5pm ET, and is in place until April 15.
Vermont Dept. of Financial Regulation allows MLOs to work from home
On March 13, the Vermont Department of Financial Regulation issued a memorandum advising licensees and sponsoring companies that the Department will not take action against licensed mortgage loan originators and their sponsoring company if the MLO works from home so long as certain requirements are met.
Vermont Department of Financial Regulation issues guidance to Vermont chartered banks and credit unions
On March 16, the Vermont Department of Financial Regulation issued guidance to Vermont chartered banks and credit unions regarding working with affected customers. Financial institutions are encouraged to, among other things, waive certain fees (e.g., ATM, overdraft, late payment fees), ease restrictions on cashing out-of-state and non-member checks, increase credit card limits for credit worthy borrowers, and offer payment accommodations. Prudent efforts to modify the terms on existing loans for affected customers will not be subject to examiner criticism and, generally, the department supports and will not criticize efforts to accommodate customers in a safe and sound manner. The guidance also addresses: (i) financial condition review, supervisory response, and regulatory relief; (ii) regulatory reporting requirements; and (iii) alternative service options.