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Oregon issues stay at home order
On March 23, the Oregon Governor issued stay at home order. The order closes certain businesses for which close personal contact “is difficult or impossible to avoid.” The order does not address financial institutions.
Oregon governor calls for moratorium on residential evictions
On March 22, Oregon Governor Kate Brown issued an executive order placing a moratorium on residential evictions for reason of nonpayment during the Covid-19 crisis. The order called the moratorium "both a moral and a public health imperative" for those unable to make payments during the pandemic, and stipulated that evictions will be put on hold for a 90-day grace period.
Oregon Division on Financial Regulation issues guidance for lenders and loan servicers
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.
Oregon releases guidance for credit unions during Covid-19
Oregon’s Division of Financial Regulation communicated with credit union CEOs regarding operational adjustments due to Covid-19. Among other things, the state requests notice if credit unions temporarily close branches, decide to offer special programs, or make public statements about their response to Covid-19. The letter also notes that examinations will continue to be conducted offsite.
Oregon Division of Financial Regulation issues work from home guidance
On March 12, the Oregon Division of Financial Regulation (DFR) issued Bulletin No. DFR 2020-6 temporarily authorizing Oregon-licensed mortgage loan originators and other employees of Oregon licensed mortgage lenders, mortgage loan services, consumer finance companies, payday/title lenders, and manufactured structure dealers to work from home while transacting business when certain conditions are met.
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