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Florida Office of Financial Regulation issues emergency order to extend financial statement deadlines
On March 26, the Commissioner of the Office of Financial Regulation issued an emergency order extending the filing deadlines for annual financial condition reports, financial statement filings, first quarter Call Reports or financial reports or first quarter capital equivalency, and asset maintenance reports for a period of 45 days unless extended by order. The guidance further provides that deadlines for internal audit completion and related reporting deadlines as well as annual and special meetings are suspended and tolled for a period of 45 days unless extended by order.
Florida Office of Financial Regulation encourages flexibility
On March 18, the Florida Office of Financial Regulation issued a statement to financial institutions providing that it is open for business and ready to support state-chartered financial institutions. It also encourages financial institutions to work with affected customers and communities, and states that reasonable efforts to make new loans and modify the terms of existing loans of affected customers will not be subject to examiner criticism.
Florida Office of Financial Regulation issues closure guidance
On March 12, the Florida Office of Financial Regulation (OFR) issued guidance to executives of financial institutions. The guidance directs executive officers of financial institutions to determine whether an emergency exists requiring closure or modification of the operation of a financial institution for more than 48 hours. The guidance provides that the OFR will expeditiously process any requests for approval to modify or close any departments, sections, functions, offices, or facilities.
Florida Office of Financial Regulation issues emergency order to extend renewal deadlines
On March 20, the Commissioner of the Office of Financial Regulation issued an emergency order providing that existing renewal deadlines occurring in March or April for licenses, permits, registrations and certificates issued by OFR are suspended and tolled for 30 days unless extended.
Florida Office of Financial Regulation sets forth options related to the operation of various financial services industries
On March 20, the Florida Office of Financial Regulation issued guidance to consumer finance industries regarding remote work. Specifically, mortgage loan originators may work remotely so long as they do not conduct business in a manner that would require a license for their home. In addition, state licensed mortgage companies are advised to take precautions to maintain safety and security of data and records in connection with remote work.