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On September 2, the U.S. Treasury Department and the State of Delaware announced a Memorandum of Understanding (MOU) intended to foster cooperative efforts to “shut down or otherwise disrupt the illicit activities of entities that should not be operating in the United States.” Under the MOU, Treasury’s Office of Foreign Assets Control (OFAC) and Delaware’s Department of Justice will communicate frequently and meet as needed to identify and shut down entities on OFAC’s List of Specially Designated Nationals and Blocked Persons (SDN List) or that are otherwise blocked. The MOU is intended, among other things, to (i) promote certain U.S. economic sanctions-related information sharing and facilitate coordinated investigations; (ii) foster cooperative efforts to “heighten awareness of U.S. economic sanctions within both the Delaware business community and the general public” and “protect national security by promoting compliance with U.S. trade and economic sanctions laws”; (iii) support litigation against entities identified on the SDN List; (iv) “[i]mprove transparency into corporate structures used to disguise illicit business dealings”; and (v) “[p]revent abuse of U.S. companies by criminal and terrorist organizations, corrupt individuals, and other blocked persons through cancellation of entities or imposition of OFAC penalties.”
On July 1, Delaware Governor Carney, Attorney General Jennings, the Delaware State Housing Authority, and the chief magistrate of the justice of the peace court announced a joint effort on foreclosure and eviction prevention to support homeowners and renters financially impacted by the Covid-19 shutdown. The foreclosure prevention effort will focus on: (i) educating Delaware homeowners at risk of losing their homes to foreclosure as a result of Covid-19, (ii) increasing the capacity of Delaware’s HUD-approved housing counseling nonprofit agencies, and (iii) providing timely financial assistance tools for homeowners at risk of foreclosure due to Covid-19. The eviction prevention effort will focus on: (i) educating Delaware renters at risk of eviction due to Covid-19, (ii) funding the state’s legal aid organizations that offer legal services for unrepresented tenants facing eviction, (iii) facilitating an alternative dispute resolution program to encourage solutions to avoid eviction, and (iv) reopening applications for the Delaware Housing Assistance Program. The statement follows a recent order issued by the governor, previously covered here, that modifies previous relief relating to evictions, foreclosures, and insurance.
On June 30, the Delaware governor issued an order that modifies previous relief relating to evictions, foreclosures, and insurance. Specifically, the declaration lifts the stay on residential mortgage foreclosure actions commenced prior to the state of emergency. However, subject to certain exceptions, individuals may not be removed from the residential properties as a result of a mortgage foreclosure process while the order is in effect. Further, actions for summary possession may be filed for residential units in Delaware, but must be stayed pending a determination of whether the parties would benefit from participating in court supervised mediation or alternative dispute resolution. During the eviction process, subject to certain exceptions, individuals may not be removed from the residential properties. Finally, beginning July 1, 2020, every insurer is required to provide a 90-day payment plan for certain individual policyholders and business policyholders impacted by the Covid-19 state of emergency.
Delaware Department of Insurance issues bulletin to insurance companies on regulatory filing requirements
On April 9, the Delaware Department of Insurance issued Bulletin No. 118 to insurance companies authorized to transact business in Delaware regarding compliance with regulatory filing requirements during Covid-19. The bulletin permits insurers to request an extension of certain filing deadlines by an additional 30 to 60 days, depending on the type of filing. Types of filings for which a 30-day or 60-day filing deadline extension may be requested are listed in the bulletin.
The Delaware Office of the State Bank Commissioner issued a directive that, beginning on April 15, all Chapter 23, Sale of Checks and Transmission of Money Licensees are advised to use the Nationwide Mortgage Licensing System for applications, renewals, surrenders and amendments.
Delaware Department of Insurance issues bulletin to insurance companies and licensed insurance producers
On April 3, the Delaware Department of Insurance issued Bulletin No. 117/33 to insurance companies authorized to transact business in Delaware and licensed insurance producers regarding compliance with regulatory requirements during Covid-19. Insurers are reminded that, without a court order, they may not suspend, cancel or refuse to renew certain defined policies due to nonpayment during the governor’s declared state of emergency. Among other things, the bulletin also: temporarily suspends notarization requirements for documents required to be filed under Title 18, relaxes requirements for in-person appraisals/inspections, suspends any on-site examination work that is non-essential or contrary to directives to limit gatherings, suspends administrative hearings and notes that the department will not schedule any arbitrations that are nonessential or contrary to directives to limit gatherings or practice social distancing or isolation, and provides additional information regarding regulatory filing deadlines, response deadlines, and requests for extensions.
On March 22, the Delaware governor issued an order to close all non-essential businesses. The order went into effect at 8:00 AM and remains in effect until May 15, or until “the public threat is eliminated.” Businesses that provide certain financial activities are considered essential businesses that may remain open. For example, monetary authorities and businesses engaged in credit intermediation and related activities, securities commodity contracts, and other financial investment and related activities, insurance carriers and related activities, and funds, trusts, and other financial activities may remain open. An FAQ was also issued to address questions regarding non-essential closures.
- Daniel R. Alonso to moderate an interactive roundtable at the Latin Lawyer and GIR Connect: Anti-Corruption & Investigations Conference
- APPROVED Checkpoint Webcast: You have license renewal questions, we have answers
- Jonice Gray Tucker to discuss “Fintech trends” at the BIHC Network Elevating Black Excellence Regional Summit
- Jeffrey P. Naimon to discuss "Truth in lending” at the American Bar Association National Institute on Consumer Financial Services Basics
- Daniel R. Alonso to discuss anti-money-laundering at FELABAN Spanish-language webinar “Perspective for banks: LAFT, FINCEN, OFAC, Cryptocurrency”
- Daniel R. Alonso to discuss "What’s new in BSA/AML compliance?" at the Institute of International Bankers Regulatory Compliance Seminar
- Jon David D. Langlois to discuss "Regulatory update: What you need to know under the new boss; It won’t be the same as the old boss" at the IMN Residential Mortgage Service Rights Forum (East)
- Benjamin B. Klubes to discuss “Creating a Fantastic Workplace Culture”
- John R. Coleman and Amanda R. Lawrence to discuss “Consumer financial services government enforcement actions – The CFPB and beyond” at the Government Investigations & Civil Litigation Institute Annual Meeting
- Jonice Gray Tucker to discuss "Consumer financial services" at the Practising Law Institute Banking Law Institute
- Jonice Gray Tucker to discuss “Regulators always ring twice: Responding to a government request” at ALM Legalweek