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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.
FINRA posts FAQs related to regulatory relief during the Covid-19 pandemic
Since March 18, FINRA has been maintaining and updating FAQs related to regulatory relief due to the Covid-19 pandemic. The FAQs discuss questions concerning, among other things, advertising regulation, anti-money laundering, best execution for buying and selling securities, broker-dealer registration, business continuity planning, and filing extensions for certain reports.
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.
County clerk office closures
We have become aware of several county clerk offices that are closing or limiting access to the public (e.g., by appointment only, accepting e-records or mail recordings only, open for recording only) in response to Covid-19. Institutions should reach out to their title insurers to determine how they will handle transactions.
Wisconsin Dept. of Financial Institutions issues Covid-19 guidance; allows MLOs to work from home
The Wisconsin Department of Financial Institutions, Division of Banking published a website providing regulated entities with Covid-19 information and resources. The Division also noted that it will take a no-action position concerning a licensed mortgage loan originator working from a location that is not the licensed or registered office or branch office upon compliance with certain criteria.
Washington Dept. of Financial Institutions issues work from home guidance
On March 5, the Washington Department of Financial Institutions, Division of Consumer Services issued interim regulatory guidance expressing the Department’s intent to temporarily allow licensed mortgage loan originators to work from home, whether located in Washington State or another state, even if the home is not a licensed branch provided certain conditions are met. The Department also published a website providing Covid-19 resources for DFI licensees.
Vermont Dept. of Financial Regulation allows MLOs to work from home
On March 13, the Vermont Department of Financial Regulation issued a memorandum advising licensees and sponsoring companies that the Department will not take action against licensed mortgage loan originators and their sponsoring company if the MLO works from home so long as certain requirements are met.