Skip to main content
Menu Icon
Close

InfoBytes Blog

Financial Services Law Insights and Observations

Filter

Subscribe to our InfoBytes Blog weekly newsletter and other publications for news affecting the financial services industry.

  • Wisconsin Department of Financial Institutions issues guidance to payday lenders

    State Issues

    On March 18, the Wisconsin Department of Financial Institutions (DFI) announced the issuance of emergency guidance on character and fitness requirements for all payday and licensed lenders doing business in Wisconsin. The DFI cautions payday and licensed lenders that increasing interest rates, fees, or any costs of borrowing in response to the Covid-19 crisis may result in license suspension or revocation. The emergency guidance also encourages the reduction of rates and fees “as low as operational expenses and sound lending practices allow.”

    State Issues Licensing Payday Lending Covid-19 Wisconsin

  • Alabama Securities Commission provides temporary relief for certain financial professionals

    State Issues

    On March 19, the Alabama Securities Commission (ASC) issued an emergency order temporarily exempting certain financial professionals (i.e. broker-dealers, investment advisers, and their registered agents or representatives) who are not registered or notice filed with the ASC and who have been displaced from their ordinary business locations from the registration and filing requirements of the Alabama Securities Act, subject to certain conditions. The emergency order also provides broker-dealers, state registered investment advisors and federal covered investment advisers with relief from the requirement to obtain physical signatures on Forms U4 under the Alabama Securities Act and related regulations, subject to certain conditions. Further, the emergency order permits investment advisors registered with the ASC to perform any of the Form ADV filing, updating and customer delivery requirements set forth by the Alabama Securities Act and related regulations up to 45 days after such action is due to be performed. The emergency order will remain in effect until April 30, 2020, unless extended or rescinded.

    State Issues Covid-19 Alabama Broker-Dealer Investment Adviser Securities

  • Michigan directs licensees to provide Covid-19 response summary by March 20

    State Issues

    On March 18, the Michigan Department of Insurance and Financial Services circulated a notice to all Michigan consumer finance licensees and registrants requiring them to provide a summary of the actions that they have taken in response to the Covid-19 pandemic. The notice provides a series of questions for licensees and registrants to include in their summaries. The deadline for submitting the summary is 5:00 p.m. on March 20 (slightly more than 48 hours from the issuance of the notice). The summary must be submitted via email to DIFS-OCFInquiriesandInfo@michigan.gov.

    However, we understand from DIFS personnel that an in-depth response is not expected, and that the agency is primarily concerned with understanding licensees’ and registrants’ plans so that they can better address related inquiries from consumers.

    State Issues Licensing Consumer Finance Covid-19 Michigan

  • Michigan Supreme Court limits court activity

    State Issues

    On March 18, the Michigan Supreme Court ordered all trial courts to limit access to courtrooms and other spaces to no more than 10 persons, including staff, to practice social distancing, and to limit court activity to only essential functions, enumerated in the order.

    State Issues Courts Covid-19 Michigan

  • Alabama State Banking Department issues Covid-19 guidance

    State Issues

    On March 12, the Alabama State Banking Department (ASBD) issued guidance on pandemic planning and expectations. Among other things, the ASBD expects banks to review, update, and implement business continuity planning, including pandemic planning. It also expects banks to stay informed and updated with reliable information about Covid-19. ASBD also states that it intends to fulfil its essential functions, while limiting risk, by conducting regulatory and examination work off-site as much as possible.

    State Issues Business Continuity Examination Covid-19 Alabama

  • Alabama Superintendent of Banks issues Covid-19 guidance

    State Issues

    On March 16, the Alabama Superintendent of Banks issued a statement with steps that financial institutions can take when working with Covid-19-affected customers and communities, including waiving certain fees, increasing ATM daily cash withdrawal limits, and easing restrictions on cashing out-of-state and non-customer checks. The statement also provides guidance on financial condition review, supervisory responses, regulatory relief, regulatory reporting requirements, and alternative service options for consumers.

    State Issues Consumer Finance Covid-19 Alabama

  • Texas Banking Commissioner empowers banks to close

    State Issues

    On March 16, the Texas Banking Commissioner issued a proclamation authorizing banks organized under Texas law to close all or part of their offices to protect public health, at their discretion, while ensuring that banks can meet the financial needs of their customers and those affected by Covid-19.

    State Issues Covid-19 Texas

  • Maryland regulator issues statement on working with customers affected by Coronavirus, provides regulatory relief

    State Issues

    On March 19, the Maryland Office of the Commissioner of Financial Regulation issued a statement encouraging financial institutions to take steps to meet the financial services needs of customers and communities adversely impacted by Covid-19, stating that prudent efforts to modify the terms of an existing loan to adversely impacted borrowers will not be subject to examiner criticism.  The Office also noted that it will provide regulatory relief to financial institutions affected by Covid-19 related issues, including working with institutions facing difficulty meeting regulatory reporting deadlines, making greater use of remote off-site reviews, and considering the extraordinary circumstances when determining any supervisory response to an institution’s financial condition, especially if that condition is caused by an increase in delinquent or non-performing loans.

    State Issues Covid-19 Maryland

  • Texas Department of Savings and Mortgage Lending issues guidance on mortgage examinations

    State Issues

    On March 12, the Texas Department of Savings and Mortgage Lending announced that the Department will begin minimizing on-site mortgage examinations and conducting them off-site to the extent possible.

    State Issues Mortgages Examination Covid-19 Texas

  • FDIC warns of scams

    Federal Issues

    On March 18, the FDIC issued a press release reminding Americans that FDIC-insured banks “remain the safest place to keep their money.” The FDIC also warned of scams where imposters are pretending to be agency representatives to perpetrate fraudulent schemes.

    Federal Issues Covid-19 FDIC Fraud Consumer Protection

Pages

Upcoming Events