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Financial Services Law Insights and Observations

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  • Iowa adopts rulemaking for remote notarial acts

    State Issues

    On April 29, the Iowa secretary of state adopted rules governing remote notarizations. The rules, which take effect July 1, 2020, govern training, technology, standards for communication, and proof of identity for remote notarial acts.

    State Issues Covid-19 Iowa Notary Fintech

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  • Iowa Division of Banking issues statement to bank presidents and CEOs

    State Issues

    On April 22, the Iowa Division of Banking issued a statement to bank presidents and CEOs. The statement encourages banks to consider the Paycheck Protection Program Lending Facility created by the Federal Reserve as a liquidity option for Paycheck Protection Program loan activity. The announcement also addresses off-site examinations of financial institutions; the interagency statement on appraisals and evaluations for real estate affected by Covid-19; tracking payment extensions, deferrals, and modifications when working with customers; and loan loss reserve analysis, among other topics.

    State Issues Covid-19 Iowa SBA Federal Reserve Bank Compliance

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  • Iowa Division of Credit Unions publishes comprehensive resource for Covid-19 updates

    State Issues

    The Iowa Division of Credit Unions published a comprehensive resource containing information on Covid-19 regulatory updates. The document covers a range of regulatory changes applicable to credit unions, including: (i) the SBA-Paycheck Protection Program; (ii) Annual Meeting requirements; (iii) foreclosure moratoriums; (iv) remote notarizations; (v) member assistance; (vi) fraud awareness; (vii) moneys and credits tax filing deadline extensions (viii) loan deferments; and (ix) limitations of services/branch closures.

    State Issues Covid-19 Iowa Credit Union Notary Foreclosure Mortgages SBA CARES Act

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  • Iowa Division of Credit Unions issues regulatory bulletin on the Paycheck Protection Program

    State Issues

    On April 3, the Iowa Division of Credit Unions issued a regulatory advisory bulletin pertaining to small business lending during the Covid-19 crisis. The bulletin provides details on the new Paycheck Protection Program offered through the Small Business Administration as part of the broader CARES Act. The guidelines provide application details for credit unions seeking to participate in the PPP, and specify that SBA-approved 7(a) lenders already qualify to issue PPP loans. The regulatory changes apply only PPP loans, and do not impact or otherwise change traditional 7(a) loans.

    State Issues Covid-19 Iowa Credit Union SBA CARES Act

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  • Iowa Superintendent of Banking provides update on Covid-19 response

    State Issues

    On March 24, Iowa’s Superintendent of Banking sent an update letter to bank presidents and CEOs concerning the state’s Covid-19 response efforts. The update highlighted, among other things, the following: (i) loan and grants available to small businesses through state and federal programs; (ii) the governor’s suspension of foreclosures and evictions in the state; (iii) the Division of Banking’s temporary suspension of requirement for in-person annual meetings; (iv) the governor’s outreach to county auditors, recorders and treasurers asking them to facilitate full range of vital mortgage-related services; (v) ongoing efforts to refine the offsite exam process; and (vi) guidance at the federal level from the Treasury Department and the March 22 Interagency Statement regarding loan modifications and troubled debt restructurings (covered by InfoBytes here).

    State Issues Iowa Covid-19 Debt Relief Loan Modification

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  • Iowa issues remote notarization guidance

    State Issues

    On March 22, Iowa issued temporary remote notarization guidance and FAQs to assist notaries public in working remotely during the Covid-19 crisis. A set of more-stringent provisions is scheduled to take effect on July 1, 2020.

    State Issues Covid-19 Iowa Notary Fintech

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  • Iowa suspends foreclosures, declares state of emergency

    State Issues

    On March 22, the governor of Iowa proclaimed a state of emergency throughout Iowa.  The proclamation prohibits the commencement of new foreclosures and suspends ongoing foreclosure proceedings on residential, commercial, and agricultural real property in Iowa, authorizes remote notarial acts, and provides a wide range of regulatory licensing relief.

    State Issues Covid-19 Iowa Foreclosure Mortgages

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  • Iowa Division of Banking issues guidance on bank closings and remote work

    State Issues

    On March 18, the Iowa Division of Banking issued regulatory guidance for working from a residence or other company designated location. The guidance allows licensees and registrants, including licensed or registered mortgage loan originators, and their employees, to work remotely from their residence or another location designated by the employer during the COVID-19 pandemic, even if the residence or designated location is not a licensed or registered location. The guidance also provides best practices for remote workers to maintain security.

    On March 12, the Iowa Division of Banking (IDOB) issued a statement to presidents and/or CEOs of all state-chartered banks regarding the temporary closure of bank branch offices. The guidance notes that while state banks are not required to get permission from the IDOB to temporarily close a branch office, the IDOB requests that the banks provide notification so that the IDOB can track closures. The guidance also provides that Iowa law permits the IDOB to authorize banks to operate in alternative locations in the event of an emergency. If a bank needs to operate out of a different location as a result of the Covid-19 situation, the bank must contact the bank’s analyst to obtain proper authorization.

    State Issues Iowa Covid-19

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  • Iowa Division of Credit Unions issues update on notifications to close or limit services

    State Issues

    On March 17, the Iowa Division of Credit Unions issued an update pertaining to advanced notice for credit unions to limit services or close branches. In response to the Covid-19 crisis, the superintendent announced the standard requirement to notify the division 60 days prior to closures or limitations of services would be relaxed to entail a notification via written email “in a timeframe as practicable as possible.” The update further explained that while no formal form is required, the credit union must provide details pertaining to closures or service limitations, and how it has communicated these changes to its members.

    State Issues Covid-19 Iowa Credit Union

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  • Iowa Division of Credit Unions issues update on annual meeting requirements

    State Issues

    On March 16, the Iowa Division of Credit Unions issued an update enabling greater flexibility for holding annual meetings in 2020. The update stipulates that as long as the credit union in question held an annual meeting in 2019, it would have the full 2020 calendar to hold its next meeting. The update also mentioned the potential for waiving the annual meeting requirement altogether, but explained no such waiver was yet necessary.

    State Issues Covid-19 Iowa Credit Union

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