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Financial Services Law Insights and Observations

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  • Arkansas State Bank Department releases Covid-19 contingency plan

    State Issues

    The Arkansas State Bank Department issued a “Coronavirus Contingency Plan” on March 11, with updates on March 16, March 18, and March 23. The communications instruct banks to promptly notify the Deputy Commissioner by email if branch facilities or markets must be closed and encouraged them to work with affected customer and communities.  These efforts should include, among other things, waiving fees, increasing ATM cash withdrawal limits, easing restrictions on cashing checks, increasing credit card limits, and offering payment accommodations to assist members having payment difficulty. The guidance also noted that “prudent efforts” to modify loan terms would not be subject to examiner criticism, and institutions can ease their terms for new loans consistent with prudential banking practices. The Department also committed to work with affected institutions to reduce burden when scheduling examinations and inspections, utilize off-site reviews, and work with institutions experiencing difficulties fulfilling reporting requirements.

    State Issues Covid-19 Arkansas

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  • Arkansas Securities Dept. issues Covid-19 corporate finance filings guidance

    State Issues

    On March 20, the Arkansas Securities Department issued guidance for corporate finance filings in light of Covid-19. The guidance provides specific directions on making electronic filings. This interim guidance is in effect from March 23, 2020 through April 16, 2020 but is subject to change or withdrawal.

    State Issues Arkansas Securities Covid-19

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  • Arkansas Securities Dept. relaxes certain time constraints

    State Issues

    The Arkansas Securities Department (ASD) issued a statement providing that certain time constraints in statutes and rules that regulate the securities, non-depository mortgage lending, and money services industries may prevent or hinder the Department’s ability to render maximum assistance to the citizens of Arkansas while they are adhering to guidelines to prohibit the spread of disease. The statement provides that those statutes and rules administered by the Commissioner that have specific time constraints will be relaxed through April 16, 2020 when it is shown the need is related to Covid-19.

    State Issues Arkansas Securities Mortgages Covid-19

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  • Arkansas Securities Dept. issues work from home guidance

    State Issues

    On March 13, the Arkansas Securities Department issued interim regulatory guidance temporarily allowing licensed mortgage loan officers to work from home even if the home is not a licensed branch location provided that the MLO working from home is in compliance with all state and federal data security requirements. 

    State Issues Mortgages Loan Origination Licensing Covid-19 Arkansas

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