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Michigan Supreme Court limits court activity
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.
Alabama State Banking Department issues Covid-19 guidance
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.
Alabama Superintendent of Banks issues Covid-19 guidance
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.
Texas Banking Commissioner empowers banks to close
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.
Maryland regulator issues statement on working with customers affected by Coronavirus, provides regulatory relief
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.
Texas Department of Savings and Mortgage Lending issues guidance on mortgage examinations
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.
FDIC warns of scams
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.
FinCEN issues guidance on BSA reports
On March 16, the Financial Crimes Enforcement Network (FinCEN) issued a release reminding financial institutions affected by Covid-19 to contact the agency and their functional regulator as soon as practicable if they anticipate delays in filing their Bank Secrecy Act reports. Financial institutions were also advised to be on alert for malicious or fraudulent transactions connected to Covid-19, particularly with respect to emerging trends such as imposter scams, investment scams, product scams, and insider trading. Financial institutions were also directed to review FinCEN advisory FIN-2017-A007—which discusses other relevant typologies, including benefits fraud, charities fraud, and cyber-related fraud—and encouraged to review guidance from their functional regulators as available.
California orders moratorium on foreclosures and evictions
On March 16, California Governor Gavin Newsom issued Executive Order N-28-20 requesting that financial institutions implement an immediate moratorium on foreclosures and related evictions arising from the nonpayment of rent or mortgage payments due to a substantial decrease in income or increase in medical expenses caused by the Covid-19 pandemic.
DOJ adopts changes to merger investigation process
On March 17, the DOJ announced it would adopt a series of temporary changes to its civil merger investigation processes, which will remain in place during the pendency of Covid-19. For example, for mergers currently pending or that may be proposed, the Antitrust Division is requesting from merging parties an additional 30 days to timing agreements to complete its review of transactions after the parties have complied with document requests. Additionally, all scheduled depositions will be temporarily postponed and will be rescheduled using secure videoconferencing capabilities.