Skip to main content
Menu Icon Menu Icon
Close

InfoBytes Blog

Financial Services Law Insights and Observations

Filter

Subscribe to our InfoBytes Blog weekly newsletter and other publications for news affecting the financial services industry.

  • Nebraska Dept. of Banking and Finance to allow office relocations for MLOs

    State Issues

    In March, the Nebraska Department of Banking and Finance released a form application for mortgage loan originators, processors, and underwriters to apply for a temporary office relocation due to Covid-19 quarantine procedures.  This follows March 12 guidance from the department to temporarily allow licensed, sponsored MLOs to work from an unlicensed branch upon notification by the sponsor, and approval by the Department.

    State Issues Nebraska Mortgages Loan Origination Covid-19

    Share page with AddThis
  • Nebraska Dept. of Banking and Finance issues MLO guidance

    State Issues

    On March 12, the Nebraska Department of Banking and Finance (NBFD) issued guidance on temporary branch locations outside of the NMLS upon notification. Pursuant to the guidance, licensed and sponsored mortgage loan originators may temporarily work from an unlicensed branch, including a home office, provided certain conditions are met.

    On March 16, the NBFD issued guidance on annual meetings of credit union members, which are required by the Nebraska Credit Union Act. Pursuant to the guidance, Nebraska state-chartered credit unions may postpone their annual meetings of members if the meetings are to be held during the months of March, April, May, or June 2020. The board of directors of a credit union may reschedule the postponed annual meeting so that it will be held in July 2020 or August 2020 and provide members with thirty (30) days prior written or electronic notice of the rescheduled meetings. Records related to the rescheduling of the annual meeting must be kept for the Department’s review. All other provisions of the Nebraska Credit Union Act will remain in place.

    On March 17, the NBFD summarized regulatory assistance that it is considering until the state of emergency has lifted. For example, the guidance suggests efforts that financial institutions may take when working with customers, such as allowing shortened hours, reducing customer contact, updating signage relative to hours and locations, allowing customers to defer, skip payments, or extend payment due dates, etc. The guidance also summarizes the NBFD’s position with respect to financial condition review, supervisory response, regulatory relief, regulatory reporting requirements, and alternative service options for customers. The guidance provides additional information on examinations, digital applications, and audits. 

    State Issues Mortgages Loan Origination Covid-19 Nebraska

    Share page with AddThis
  • Nebraska publishes a statement about working with customers affected by Covid-19

    State Issues

    On March 17, the Nebraska Department of Banking and Finance (Department) published a statement for financial institutions working with customers affected by Covid-19 along with regulatory assistance.  The statement addresses: (i) establishing emergency branch locations with notice; (ii) clearing back room operations; (iii) moving examinations offsite; (iv) digital applications, audits, and correspondence when working with the Department; (v) using ACH for payments sent to the Department; (vi) delaying credit union annual meetings; and (vii) audit turn around times.  The statement also encourages financial institutions to work with affected customers, and provides examples of efforts to be considered by financial institutions.  The statement also addresses regulatory reporting requirements and financial condition review, supervisory response, and regulatory relief.

    State Issues Nebraska Consumer Finance State Regulators Covid-19

    Share page with AddThis
  • Nebraska issues guidance to credit unions regarding annual meetings

    State Issues

    On March 16, the Nebraska Department of Banking and Finance (Department) issued guidance authorizing Nebraska state-chartered credit unions to postpone their annual meetings of members if their meetings are to be held in March, April, May, or June 2020.  Board of directors of credit unions are instructed to reschedule the postponed annual meeting so that it is held in July or August 2020 and provide members with 30 days prior written or electronic notice of the rescheduled meeting. Records related to the rescheduling must be kept for the Department’s review.

    State Issues Nebraska Credit Union State Regulators Covid-19

    Share page with AddThis

Pages