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Colorado attorney general requests pause of debt collection efforts
On March 18, the Colorado attorney general released a statement urging student loan servicers, creditors, and debt collectors to discontinue mandatory debt collection efforts for consumers who experience financial distress due to Covid-19. The statement further encourages these providers to work proactively to assist such consumers, and states that the attorney general’s office will “continue to evaluate and investigate relevant legal avenues” to protect borrowers during the crisis.
North Carolina issues guidance for credit unions during Covid-19
The North Carolina Credit Union Division notified state-chartered credit unions of certain accommodations for Covid-19. These include (i) conducting examinations offsite; (ii) granting extensions of the deadline to submit quarterly call reports; (iii) conducting meetings electronically, (iv) discouraging in-person board meetings; and (v) permitting the postponement or cancellation of required annual meetings.
New Mexico authorizes credit unions to postpone in-person meetings
On March 18, the New Mexico Regulation and Licensing Department, Financial Institutions Division provided guidance to state-chartered credit unions allowing for postponement or virtual attendance at certain meetings that must normally be conducted in-person. This guidance applies to board meetings, committee meetings, and annual meetings for the duration of the Covid-19 national emergency. Credit unions that comply with the guidance will not be cited during examinations provided that they notify members in advance and arrange for virtual attendance to the extent feasible.
Maine Bureau of Financial Institution issues guidance on working with customers affected by Covid-19 and regulatory assistance
On March 18, the Maine Department of Professional and Financial Regulation, Bureau of Financial Institutions, issued a statement on financial institutions working with customers and communities affected by Covid-19. Financial institutions are encouraged to work with affected customers and communities including, among other things, by waiving certain fees (e.g., ATM, overdraft, late payment fees), increasing ATM daily cash withdrawal limits, easing restrictions on cashing out-of-state and non-customer checks, and easing terms for new loans to affected borrowers. Prudent efforts to modify the terms on existing loans for affected customers will not be subject to examiner criticism, and generally, the bureau supports and will not criticize efforts to accommodate customers in a safe and sound manner. The guidance also addresses: (i) financial condition review, supervisory response, and regulatory relief; (ii) regulatory reporting requirements; and (iii) closure of branch locations and offices and providing alternative service options.
Missouri governor issues an executive order suspending certain agency regulations
On March 18, Missouri’s governor issued Executive Order 20-04, which provides certain departments, including the Department of Commerce and Insurance and the Division of Professional Regulation and its boards, with authority to temporarily waive or suspend the operation of any statutory requirement or administrative rule, upon approval of the Office of the Governor, where strict compliance with such requirements and rules would prevent, hinder, or delay necessary action by the department to respond to Covid-19. In line with the executive order, the Department of Commerce and Insurance issued guidance to all insurers conducting the business of insurance in Missouri regarding assistance to policy holders impacted by Covid-19.
Wisconsin Department of Financial Institutions clarifies that credit unions are exempt from state prohibition on mass gatherings
On March 18, the Wisconsin Department of Financial Institution issued a notice to credit unions to clarify that all financial institutions are exempt from the state’s emergency order prohibiting mass gatherings of 10 people or more. However, credit unions were urged to follow the new mass gathering guidance from the Wisconsin Department of Health Services when determining whether annual member meetings should be rescheduled.
Louisiana Commissioner of Financial Institutions advises non-depository institutions on temporary closures
On March 18, Louisiana’s Commissioner of Financial Institutions released emergency advisories for non-depository institutions, specifically repossession agents and bond for deed escrow agents, check cashers, pawnbrokers, licensed consumer lenders/brokers, and residential mortgage lenders. The advisories authorized the temporary closure or relocations of licensed locations and waived the standard 30-day notice requirement for such closures. Licensees should notify the Office of Financial Institutions as soon as possible regarding any temporary closures or relocations and may submit requests for waiver of the standard change of location fee by email. Unless otherwise instructed, temporary location changes should not be submitted through NMLS. In addition, the advisory for residential mortgage lenders confirms that licensed MLOs may work from their homes.
Maine Bureau of Consumer Credit Protection provides guidance to MLOs
On March 18, the Maine Bureau of Consumer Credit Protection provided interim guidance to MLOs, allowing employees to work from home as long as data security provisions are in place, and physical business records are stored only at the licensed main office. The guidance will be effective through May 1, 2020.
Idaho regulator issues remote work guidance to escrow licensees
On March 18, the Idaho Department of Finance issued guidance to entities licensed under the Idaho Escrow Act permitting licensed activities to be conducted from unlicensed residences. The Department stated it will not take action against a licensee so long as the licensable activities meet specified data security and privacy requirements, and the licensee avoids advertising the unlicensed address or phone number, meeting consumers at the residence, or otherwise holding out or suggesting that the residence is a licensed location. The guidance is effective until June 30.
Michigan governor extends property tax redemption payments deadline
On March 18, Michigan Governor Gretchen Whitmer issued an executive order extending the deadline for redemption payments on foreclosed property as a result of delinquent property tax payments, in response to the inability of county treasurers to process redemption payments during the pandemic. Whitmer’s order extended the deadline from March 31 to May 29, or 30 days after the termination of the state of emergency.