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On February 22, the governor of Nebraska announced the launch of an emergency rental assistance program. Through the program Nebraska’s Housing Finance Agency, $158 million in federal stimulus funds will be available for distribution to eligible tenants and landlords.
The Nebraska Department of Banking and Finance recently updated its March 12, 2020 guidance regarding temporary branch relocations (previously discussed here). The Department will continue to temporarily allow licensed and sponsored mortgage loan originators (MLOs), loan processors, underwriters, and other staff to work from an unlicensed branch upon notification by the sponsor, and approval by the department. Licensed mortgage bankers who have staff working from unlicensed locations must submit an updated list of those employees to the Department through the NMLS on, or before, March 1, June 1, September 1, and at renewal, in 2021. In addition, licensed MLOs must take certain data security measures and not allow customers to come to the unlicensed location. The guidance is effective January 1, 2021.
On May 18, the director of the Nebraska Department of Banking and Finance released guidance allowing state-chartered credit unions to hold their annual meetings and certain special member meetings virtually, provided that certain requirements are met.
On April 27, the Nebraska Department of Banking and Finance issued another notice providing updates to its March 25th notice (previously discussed here), which temporarily ceased all regular examinations until April 24. The notice extends the department’s posture to May 15, 2020. The department will continue certain critical examinations related to safety and soundness, consumer protections, or when there is an urgent or immediate need. The department will resume offsite examinations on June 1, predominately using remote access resources.
The Nebraska Department of Banking and Finance re-posted FAQs from the Department of the Treasury and Small Business Administration regarding the Paycheck Protection Program. The FAQs clarify that lenders are permitted to make PPP loans to companies owned in whole or in part by an outside director or a less than 30 percent equity holder of the lender, provided no favoritism or prioritization of the director’s or equity holder’s company is involved. This does not apply to companies owned in whole or in part by directors or owners that are key employees of the lender.
On April 15, Nebraska Attorney General Doug Peterson warned that Nebraska law exempts certain income and property of low-income consumers from execution and attachment by creditors and debt collectors. The attorney general also warned that any attempt or threat to garnish or attach CARES Act stimulus funds that are exempt under Nebraska law will be considered an unfair trade practice under Nebraska’s Consumer Protection Act. Finally, the attorney general stated that his office is diligently monitoring consumer complaints, and encouraged consumers to file complaints if they experience aggressive debt collection during the Covid-19 crisis.
On April 1, the Nebraska governor issued an executive order accelerating the use of online notarization, as well as offering some flexibility for financial institutions regarding usual notary requirements during the Covid-19 crisis. The order will remain in effect until 30 days after the lifting of the state of emergency.
On its website, the Nebraska Department of Banking and Finance (Department) published a Request for Proclamation to Authorize Office Closure form. If a financial institution decides to close any or all of its offices for an emergency, it must notify the Department. If the closure will last longer than 48 hours, the financial institution must receive Department approval. Financial institutions are instructed to submit the form to the Department via e-mail to the institution’s review examiner, and the Department will respond as soon as possible.
On March 25, the Nebraska Department of Banking and Finance (Department) announced it will temporarily halt all regular examinations unless the examination is critical to safety and soundness, consumer protection, or is necessary to address an urgent or immediate need. If the Department already has a majority of the requested information, the institution may elect to move forward with the Department’s examination. The Department will reassess this approach on April 24 or when the emergency has ended, whichever is sooner.
- Jonice Gray Tucker to discuss “How the new administration sets the tone for 2021” at the American Conference Institute Legal, Regulatory and Compliance Forum on Fintech & Emerging Payment Systems
- Sherry-Maria Safchuk to discuss UDAAP in consumer finance at an American Bar Association webinar
- Jeffrey P. Naimon to discuss "What to expect: The new administration and regulatory changes" at the Mortgage Bankers Association Legal Issues and Regulatory Compliance Conference
- Jonice Gray Tucker to discuss “The future of fair lending” at the Mortgage Bankers Association Legal Issues and Regulatory Compliance Conference
- Steven R. vonBerg to discuss "LO comp challenges" at the Mortgage Bankers Association Legal Issues and Regulatory Compliance Conference
- Michelle L. Rogers to discuss "Major litigation" at the Mortgage Bankers Association Legal Issues and Regulatory Compliance Conference
- Michelle L. Rogers to discuss “The False Claims Act today” at the Federal Bar Association Qui Tam Section Roundtable