Wisconsin

On March 20, the Wisconsin Department of Financial Institutions (DFI) issued an emergency order granting temporary relief to registrants affected by the Covid-19 outbreak.

In March, the Wisconsin Department of Financial Institutions, Division of Banking (Division) issued guidance to state licensed mortgage loan originators (MLO) regarding working from a location that is not licensed or registered in light of Covid-19.

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.

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.

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.

On March 17, Wisconsin Department of Financial Institution notified credit unions that all examinations would be conducted remotely, instead of onsite. Institutions with examinations scheduled in March or April will be contacted by the department directly. 

On March 13, the Wisconsin Department of Financial Institution sent a letter to credit unions to support and reinforce the guidelines issued by the Federal Financial Institutions Examination Council on March 6, which recommended steps for credit unions to proactively prevent disruptions of operation and minimize contact with customers. The letter also encouraged credit unions to consider postponing annual meetings or conducting such meetings remotely.