InfoBytes Blog
Filter
Subscribe to our InfoBytes Blog weekly newsletter and other publications for news affecting the financial services industry.
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.
Oregon Division on Financial Regulation issues guidance for lenders and loan servicers
On March 20, the Oregon Division of Financial Regulation issued a bulletin for state-regulated lenders and loan servicers to work with borrowers impacted by Covid-19. The division encouraged lenders and servicers to offer distressed borrowers forbearance plans, waive late and online payment fees, ease credit terms for new loans, and deferred payment options. Most provisions of the bulletin called for a 90-day grace period and placed a moratorium on evictions and foreclosures. The guidance applies to banking institutions, credit unions, mortgage bankers, mortgage brokers, loan originators, and servicers, consumer finance lenders, and payday and title lenders. The issuance follows a declared state of emergency by Governor Brown on March 8.
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.
New Hampshire Banking Department issues FAQs on mortgage foreclosure
On March 20, the New Hampshire Banking Department issued FAQs discussing mortgage foreclosures during the Covid-19 pandemic. Among other things, the FAQs clarified that New Hampshire Emergency Order #4 temporarily prohibits any judicial or non-judicial foreclosure action in New Hampshire during New Hampshire’s Covid-19 State of Emergency, regardless of where the lender is located.
Colorado Dept. of Regulatory Agencies relaxes MLO work location rules
On March 16, the Colorado Department of Regulatory Agencies sent an email reiterating that Colorado mortgage loan originatos (MLO) may perform licensed activities at a location other than at their registered work location. The Division notes that Colorado does not have any requirements regarding specific work locations at either the company or individual MLO level.
Maryland Secretary of State extends notary public terms
On March 20, the Maryland Office of the Secretary of State issued a notice extending the four-year statutory term for all notaries public with an active commission. The notice will remain in effect until 30 days after the state of emergency has been terminated.
Arkansas Securities Dept. relaxes certain time constraints
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.
Colorado securities regulator provides temporary relief to securities businesses
On March 20, the Acting Securities Commissioner of Colorado provided temporary regulatory relief to broker-dealers, state-registered investment advisers, federal covered investment advisers, and their registered agents. The relief exempted these professionals from certain registration and filing requirements if, among other things, they are displaced and working from a location outside their jurisdiction of registration or their clients have been displaced from their ordinary state and are now residing in Colorado, and they were properly registered with all required regulators on March 1, 2020.