InfoBytes Blog
Filter
Subscribe to our InfoBytes Blog weekly newsletter and other publications for news affecting the financial services industry.
Ohio enacts robocall legislation
On December 1, Ohio’s governor signed into law SB 54, which, under most circumstances, prohibits companies from knowingly transmitting Caller ID information that is either misleading or inaccurate through a telecommunication service or voiceover Internet protocol service. Among other things, the bill creates additional penalties for inaccurate caller ID, provides the Ohio attorney general the authority to file civil actions in state or federal court, provides state criminal penalties in certain instances, and requires entities that use a telephone number that is identified as “unknown” or “blocked” to leave voicemail messages and include the person's identity. The law is effective March 2, 2022.
Ohio attorney general: CARES Act payments exempt from garnishment under state law
On April 13, Ohio Attorney General Dave Yost issued a notice that Ohio law exempts CARES Act payments from garnishment, attachment, and execution. Yost noted that, in the event of an execution against a CARES Act payment, his office may intervene to enforce Ohio law.
Ohio regulator provides guidance for credit unions
On April 8, the Ohio Department of Commerce, Division of Financial Institutions issued updated guidance for credit union operations during Covid-19. Among other things, the guidance addresses accommodations for annual and board meetings, branch closures, filing deadlines for call reports, liquidity challenges, and conducting supervisory examinations.
Ohio governor calls for moratorium on small business evictions
On April 1, Ohio Governor Mike DeWine signed an executive order calling for a moratorium on small business evictions and foreclosures as part of the state’s Covid-19 emergency measures. The order requests that landlords suspend rent payments and evictions for financially distressed small businesses for a period of at least 90 days. DeWine also requested forbearance for commercial real estate borrowers in the state for the same duration. The order also notes that the Supreme Court of Ohio provided guidance to local courts to temporarily continue the execution of foreclosure judgments, eviction filings, eviction proceedings, and scheduled move-outs.
Ohio Department of Commerce, Division of Financial Institutions issues guidance regarding branch closures
The Ohio Department of Commerce, Division of Financial Institutions issued guidance to assist financial institutions when making the decision to limit branch operations or to close a branch. The Division advised that temporary closures of banking office locations for 48 hours or less must be reported to the Division and closures lasting longer than 48 hours must receive advance permission.
Ohio issues stay at home order
On March 22, the Ohio Department of Health issued a stay home order for all persons not engaged in essential businesses and operations, which include, among others, financial and insurance institutions such as banks, currency exchanges, consumer lenders, including but not limited to pawnbrokers, consumer installment lenders and sales finance lenders, credit unions, appraisers, title companies, financial markets, trading and futures exchanges, payday lenders, affiliates of financial institutions, entities that issue bonds, related financial institutions, and institutions selling financial products. Essential businesses and operations also include insurance companies, underwriters, agents, brokers, and related insurance claims and agency services. The order became effective at 11:59 PM on March 23, 2020, and will remain in force until 11:59 PM on April 6, 2020.
Ohio Division of Financial Institutions issues FAQ for mortgage loan originators and installment lenders during Covid-19 crisis
On March 23, Ohio’s Department of Commerce Division of Financial Institutions published an FAQ pertaining to telework and other operational changes for mortgage loan originators and installment lenders during the Covid-19 crisis. Among other things, the FAQs clarify the types of activities that may be conducted remotely and the applicability of Ohio’s Stay-At-Home Order to financial institutions.
Ohio Dept. of Commerce communicates with banks about closures
The Ohio Department of Commerce, Division of Financial Institutions sent out an email reminding Ohio bankers that temporary emergency closures of banking locations must be reported and closures lasting longer than two consecutive days must receive advance approval.