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Massachusetts Division of Banks issues guidance to mutual institutions on annual meetings
On June 12, the Massachusetts Office of Consumer Affairs and Business Regulation, Division of Banks, issued industry guidance regarding annual meetings for Massachusetts state-chartered mutual banks and subsidiary banks of a Massachusetts mutual holding company. Mutual institutions that have not yet held their annual meeting this year may use remote communications to conduct the annual meeting virtually or as a hybrid meeting that includes limited in-person attendance of depositors or corporators, provided certain requirements are met. Alternatively, such mutual institutions may postpone an in-person annual meeting until after the state of emergency has ended. Mutual institutions that elect to offer remote annual meetings must comply with certain requirements in the guidance.
New Jersey Department of Banking and Insurance extends no-action position regarding temporary work from home
On May 28, the New Jersey Department of Banking and Insurance issued Bulletin No. 20-26 to certain licensees regarding temporarily working from home due to Covid-19. The bulletin extends the department’s no-action position regarding licensure for certain branch office locations due to individuals temporarily working from home first announced in Bulletin No 20-06 (covered here). The no-action position is only effective with a submission that includes specified materials and may be subject to pre-conditions and operating, reporting, and other requirements. Licensees who have already submitted materials to the department in response to Bulletin No. 20-06 are not required to resubmit those materials.
New Jersey Department of Banking extends filing deadlines for certain annual reports
On May 12, the New Jersey Department of Banking Insurance issued a bulletin regarding the extension of deadlines for certain entities and individual regulated by the Division of Banking to file annual reports. Certain enumerated licensees, including check cashers, insurance premium finance companies, motor vehicle installment sellers, and money transmitters, are granted an extension until June 1 to file annual reports. However, licensees must file their subsequent annual report by April 1, 2021. Mortgage lenders and mortgage brokers who are required to file an annual report on or before May 1, are also granted an extension to June 1. The next annual report must be filed by May 1, 2021.
Tennessee extends timeline for bank examinations and authorizes virtual shareholder meetings during pandemic
On May 12, Tennessee Governor Bill Lee issued Executive Order No. 36 suspending or amending a variety of statutory and regulatory requirements to facilitate the treatment and containment of Covid-19. These include, among other things, extending examination cycles for financial institutions, extending timing requirements for securities registrations, and allowing for virtual shareholder meetings. The order will be in effect until June 30, unless amended or revised.
Kansas Office of the State Bank Commissioner issues guidance on re-opening of bank facilities
On May 11, the Kansas Office of the State Bank Commissioner (OSBC) issued guidance regarding the re-opening of closed bank lobbies and branches due to Covid-19. The OSBC expects that bank lobbies and branches closed due to the pandemic will begin a gradual reopening, in line with the statewide phased approach, with the objective of a full re-opening by June 15, 2020. However, banks operating across multiple counties are encouraged to consult county-level re-opening procedures, which may be more stringent than state-level procedures. The guidance also acknowledges that certain branches with limited or restricted access may not be able to re-open. The OSBC requests that banks provide written notice of the effective dates of branch and lobby re-openings, even if those re-openings are staggered within the organization.
District of Columbia Department of Insurance, Securities and Banking issues FAQs on mortgage deferment
The District of Columbia Department of Insurance, Securities and Banking issued responses to frequently asked questions (FAQs) regarding the residential and commercial mortgage deferment program under the District of Columbia’s Covid-19 Response Supplemental Emergency Amendment Act of 2020. The FAQs provide guidance on, among other things, which entities and financial institutions are considered mortgage lenders under the act and therefore subject to the requirements, mortgage lenders’ obligations under the act, how borrowers should apply for the mortgage deferment plan, and record-keeping requirements under the act.
District of Columbia amends emergency Covid-19 response legislation to add reporting obligations for mortgage deferments
On May 4, the District of Columbia amended the Covid-19 Response Supplemental Emergency Amendment Act (previously covered here) to, among other things, include mortgage lenders as covered entities and require lenders to provide the commissioner of the Department of Insurance, Securities and Banking with lists of all approved mortgage deferments in 15-day intervals.
Illinois Department of Financial and Professional Regulation announces initiative to facilitate cashing of stimulus checks
On May 1, 2020, the Illinois Department of Financial and Professional Regulation announced plans to provide new options for unbanked Illinoisans to cash their stimulus checks for free. The announcement highlights some of the banks that are willing to offer such services and provides resources that consumers can consult in connection with receiving their economic impact payments.
District of Columbia Department of Insurance, Securities and Banking issues FAQs
The District of Columbia Department of Insurance, Securities and Banking issued responses to frequently asked questions regarding the effect of Covid-19 on the administration of securities laws and regulations of the District of Columbia. The FAQs respond to questions regarding filings, the processing of licensing or registration applications, and remote work for securities professionals, among others.
New York guidance excludes debt collection from essential businesses or entities
On April 28, New York updated its guidance on Executive Order 202.6 relating to determining whether a business enterprise is subject to a workforce reduction under recent executive orders addressing Covid-19. The updated guidance provides that essential financial institutions include banks or lending institutions, insurance, payroll, accounting, and services related to financial markets, with the exception of debt collection services.