State Consumer Financial Regulatory Updates

Interactive Map - Click a state to view its contents

This information is intended to inform firm clients and friends about legal developments, including recent decisions of various courts and administrative bodies, in a rapidly changing, uncertain environment. This information may not constitute the most complete or up-to-date legal or other information and not all sources can be validated. Nothing in this Interactive Map should be construed as legal advice or a legal opinion, and readers should not act upon the information contained in this Interactive Map without seeking the advice of legal counsel.

Alabama

Working from Home

·         Licensees may relocate offices or allow employees to work from home, but must comply with all data privacy requirements, as well as other applicable laws and regulations. Licensees must notify the Banking Department of any circumstances that require closure, relocation, or remote work program.

·         Licensees must provide appropriate notice to customers.

[Alabama State Banking Dep't – March 12, 2020]

Alaska

Branch License Requirements

·           14-30 days in quarantine would not be considered the majority of their time over the course of a year under 3 AAC 14.415 (requiring a mortgage loan originator to register his/her home or "other location" as a branch office if such location is used to conduct the majority of activities of loan originator), or 3 AAC 14.515 (making it an unfair and deceptive practice to conduct the majority of activities at a location that is not the main office or a registered branch office).

[Alaska Dep't of Commerce; Community & Economic Development]

Working from Home

·           The Division will not take administrative or other punitive action against a licensed Mortgage Loan Originators (MLO) or sponsoring licensed company if the MLO conducts activities requiring licensure from home. 

[Alaska Dep't of Commerce; Special Notice For Mortgage Loan Originators]

 

Arizona

Working with Customers

The Department of Financial Institutions encourages licensed financial institutions to work with customers as follows: 

  • Waiving certain fees, such as ATM fees (for customers and non-customers), overdraft fees, late payment fees on credit cards and other loans, and early withdrawal penalties on time deposits;
  • Increasing ATM daily cash withdrawal limits;
  • Easing restrictions on cashing out-of-state and non-customer checks;
  • Increasing credit card limits for creditworthy borrowers;
  • Offering payment accommodations, such as allowing borrowers to defer or skip some payments or extending the payment due date, which would avoid delinquencies and negative credit bureau reporting caused by COVID-19-related disruptions;
  • Suspending actions to foreclose on homes and businesses and suspending occupant evictions due to loan payment delinquencies

[Arizona Dep't of Financial Institutions - April 24, 2020]

Arkansas

Working from Home

·         When employees work from home, licensees and employees must continue to adhere to state and federal privacy and data security requirements.

·         Licensees must use VPNs, confirm employees have all required security updates and patches installed on their devices, and continue to maintain physical books and records at the location on file with the state regulator.

[Arkansas Securities Dep't – March 13, 2020]

California

Working with Customers

·           The Department of Business Oversight encourages financial institutions to adopt the following practices during the state of emergency: (1) waiving certain fees, such as ATM, overdraft, late payment and early withdrawal penalties; (2) increasing ATM daily cash withdrawal limits; (3) easing restrictions on cashing out-of-state and non-customer checks; (4) increasing credit card limits for creditworthy borrowers; and (5) offering payment accommodations, such as allowing borrowers to defer or skip some payments or extending the payment due date, which would avoid delinquencies and negative credit bureau reporting.

[California BCSH, Dep't of Business Oversight; Advisory – March 22, 2020]

Working from Home

·           Department of Business Oversight licensees sponsoring mortgage loan originators may permit employees to work from home, provided the licensee has a procedure in place to supervise employees as required by law and the employee (1) does not keep any physical business records at home or anywhere other than the licensed location; (2) does not meet with any customers at home; (3) uses only computers and devices that are encrypted and accesses the licensee’s network using a virtual private network that is encrypted; and (4) takes all other necessary measures to protect consumer data privacy.

[California BCSH, Dep't of Business Oversight; Advisory – March 22, 2020]

·           The Department allows banks to conduct meetings virtually rather than in-person without obtaining 100 percent consent from shareholders and allows credit unions to conduct meetings virtually in violation of the credit union’s own bylaws.

[California BCSH, Dep't of Business Oversight; Advisory – March 22, 2020]

Examinations

·           Financial institutions experiencing problems fulfilling their reporting responsibilities, including audited financial statements and related reports, are encouraged to contact the Department to discuss their situation. 

[California BCSH, Dep't of Business Oversight; Advisory – March 22, 2020]

Colorado

Working with Customers

·           The Division of Financial Services temporarily waived the following statutes C.R.S. §11-30-105, which requires credit union to give 90 days notice of branch closure.  

[Colorado Dep't of Regulatory Agencies; Division of Financial Services Advisory - March 13, 2020]

            The Colorado Banking Commissioner and Financial Services Commissioner announced they would work with licensees to mitigate the economic impacts of the Coronavirus pandemic, including to implement the following practices: (i) waiving ATM fees; (ii) increasing ATM daily cash withdrawal limits; (iii) waiving overdraft fees; (iv) easing credit terms for new loans for members/customers who qualify; (v) increasing credit card limits for creditworthy borrowers; (vi) waiving late fees for credit card and other loan balances; and (vii) offering payment accommodations, such as allowing borrowers to defer payments, or extending the payment due dates.

[Colorado Dep't of Regulatory Agencies; Joint Statement – March 25, 2020]

Working from Home

·         The Colorado Board of Mortgage Loan Originators does not have any requirements concerning the location of where a mortgage company is doing business in Colorado.

·         Since the administrative rules are silent regarding the location of where mortgage loan officers are required to operate their business and perform licensed activities, a loan officer is able to perform mortgage-related activities at a location other than at their registered location. 

[Colorado Dep't of Regulatory Agencies; Division of Real Estate Advisory – March 16, 2020]

Business Continuity Plan

·           The Division of Financial Services released general advisory reminding regulated financial institutions to review, and revise if necessary, the institution's business continuity and pandemic response plans, including liquidity management, contingency funding and emergency response plans.

[Colorado Dep't of Regulatory Agencies; Division of Financial Services Advisory - March 10, 2020]

Examinations

·         The Division of Banking announced it will communicate directly with bank regarding upcoming examinations and is "prepared to adjust planned supervisory activities as events dictate, and will conduct as much of the examination as possible offsite."

[Colorado Dep't of Regulatory Agencies, Division of Banking Advisory - March 16, 2020]

Connecticut

Working with Customers

·         The Department of Banking encourages mortgage servicers and other financial institutions to work with borrowers whose ability to make loan repayments may be impacted by COVID-19.  Efforts may include waiving late fees, offering forbearance plans or other deferment options and having adequate staff available to proactively work with borrowers facing hardship.  The Department also encourages mortgage servicers to consider providing guidance to their internal and external collection teams regarding the servicer's policies at this time.

·         The Department also encourages financial institutions to ensure customer access to financial services, at a minimum, through drive-up windows, night deposit services, ATMs and online banking.

[Connecticut Dep't of Banking; Advisory – March 17, 2020]

[Connecticut Dep't of Banking; Advisory – March 18, 2020]

Working from Home

·           The Connecticut Department of Banking takes a "no-action" positon on employees working from home so long as certain conditions are met:

·           (1) The employee is working from home due to COVID-19 concerns and informs the licensee in writing; (2) the employee maintains necessary licenses; (3) the employee does not conduct licensed activities with the public from home; and (4) the licensee establishes appropriate safeguards and controls for data security.

[Connecticut Dep't of Banking – March 9, 2020]

Delaware

No COVID-19-specific regulatory guidance from Office of the State Bank Commissioner as of May 27.

Florida

Working with Customers

·           The Office of Financial Regulation (OFR) strongly encourage financial institutions to take prudent steps and work with their customer or members affected by COVID-19. The OFR supports efforts to accomodate and minimize disruption to their members.

[Florida Office of Regulation; COVID-19 Letter - March 12, 2020]

Branch License Requirements

·           The renewal deadline for all licenses issued by OFR is tolled for a period of 30 days, unless extended by subsequent order.

[Florida Office of Financial Regulation; Emergency Order - March 20, 2020]

Working from Home

·           Employees of licensed mortgage companies may work from home even if the home is not a licensed branch so long as they do not conduct business in a manner requiring a license and the mortgage companies takes steps to ensure the safety and security of all books and records as required by state and federal laws.

[Florida Office of Financial Regulation; Consumer Finance Letter - March 20, 2020]

Business Continuity Plan

           No statement as of 4/3/20.

Examinations

 ·          OFR will work with financial institutions to minimize regulatory burden when scheduling examinations. Examiners will work offsite during examinations and will be fair and understanding regarding the efforts made by financial institutions to work with customers or members 

[Florida Office of Financial Regulation; Letter from Commissioner - March 2020]

Georgia

No COVID-19-specific regulatory guidance from Department of Banking and Finance as of May 27.

Hawaii

No COVID-19-specific regulatory guidance from Department of Commerce and Consumer Affairs as of May 27.

Idaho

Working from Home

·         The Idaho Department of Finance will not take enforcement action if an employee works from home so long as certain conditions are met:

·         (1) Licensees must use VPNs and confirm employees have all required security updates and patches installed on their devices, (2) employees may not perform acts constituting conducting business at an unlicensed location (i.e., advertising from home, meeting customers at home, or suggesting the residence is a licensed business location), and (3) employees and companies must exercise diligence in protecting consumer data.

[Idaho Dep't of Finance – March 12, 2020]

Illinois

Working with Customers

            The Illinois Department of Financial Regulation, Division of Banking and Division of Financial Institutions urges banks and credit unions to work with customers impacted by the COVID-19 pandemic, specifically by implementing practices such as: (i) waiving fees such as ATM fees, overdraft fees, late payment fees on credit cards and other loans, and early withdrawal penalties on time deposits; (ii) increasing ATM daily cash withdrawal limits; (iii) easing restrictions on cashing out-of-state and non-customer checks; (iv) increasing credit card limits for creditworthy borrowers; (v) offering payment accommodations, such as allowing borrowers to defer payments at no cost, extending the payment due dates or otherwise adjusting or altering terms of existing loans; (vi) when payments are deferred or modified, coding those payments as deferred with the applicable disaster code to the credit rating agencies; (vii) providing new loans on favorable terms; (viii) ensuring that consumers and small businesses do not experience a disruption of service if financial institutions close their offices; (ix) alerting customers to the heightened risk of scams and price gouging during the COVID-19 disruptions; and (x) contacting customers via app announcements, text, email or otherwise to explain assistance being offered to customers.

[Illinois Dep't of Financial and Professional Regulation; Guidance Regarding Support for Consumers and Businesses - March 30, 2020]

            The Department urges mortgage servicers to implement policies that include: (i) forbearing mortgage payments for at least 90 days without incurring additional interest or fees; (ii) refraining from reporting late payments to credit rating agencies, and when payments are deferred or modified, coding those payments as deferred with the applicable disaster code; (iii) offering mortgage borrowers an additional 90-day grace period to complete trial loan modifications, and ensuring that late payments during the COVID-19 pandemic do not affect their ability to obtain permanent loan modifications; (iv) offering other loss mitigation options to mortgage borrowers, including those that help borrowers stay in their homes at affordable payments; (v) waiving late payment fees and online payment fees for a period of at least 90 days and, for mortgage borrowers in a forbearance plan, during the period of forbearance; (vi) postponing foreclosures and evictions for at least 90 days; and (vii) contacting mortgage borrowers on automatic payment plans to see if they need to temporarily suspend those payments and, if so, grant any such requests without delay and place the mortgage borrower in a forbearance program as discussed above

[Illinois Dep't of Financial and Professional Regulation; Guidance Regarding Support for Borrowers - March 30, 2020]

 

Indiana

Working from Home

·              The Indiana Department of Financial Institutions does not license mortgage branch locations and has no requirements restricting a licensed loan officer's ability to work from home.

[Indiana Dep't of Financial Institutions – March 20, 2020]

·              The Indiana Secretary of State , Securities Division confirmed loan brokers, collection agencies, and employees licensed with the Indiana Securities Division are allowed to perform work remotely from their personal residences.

[Indiana Secretary of State; Working from Home - March 24, 2020]

Iowa

Working with Customers

          Financial institutions are encouraged to work with borrowers who are affected by COVID-19 by offering loan modifications and delaying past due reporting, 

[Iowa Division of Banking; Statement on Loan Modifications - March 24, 2020]

Branch License Requirements

          No statement as of 4/28/20.

Working from Home

·         Employees may work remotely or from their residences, but all licensed companies must have temporary policies, procedures, and a plan for supervision of employees in place.

·         The Iowa Division of Banking recommends the following best practices: (1) computers and devices should include at-rest encryption, (2) if paper records containing confidential information are taken off the premises of a licensee's authorized location(s), procedures must be established to secure that information at the offsite location, (3) devices must connect to secure systems using VPN, and (4) activity should be conducted in a private home environment.

[Iowa Division of Banking – March 18, 2020]

Business Continuity Plan

          No statement as of 4/28/20.

Examinations

          No statement as of 4/28/20.

Kansas

Branch License Requirements

            All licenses issued by state agencies set to expire during the State of Disaster Emergency beginning March 12 will be extended 90 days following the termination of the State of Disaster Emergency.

[State Executive Order No. 20-19 - April 9, 2020.]

Working from Home

·         The Kansas Office of the State Bank Commissioner will respect a company's decision allowing licensed mortgage loan officers to work remotely.  Companies must still ensure employees remain in compliance with applicable laws and have temporary policies, procedures, and a supervision plan in place.

·         Best practices include: (1) ensuring any devices leaving the office include at-rest encryption, (2) paper records containing confidential information should not be takes off-site, (3) connection to the system should be encrypted by VPN, and (4) activity should be conducted in a private home environment

[Kansas Office of the State Bank Commissioner – March 16, 2020]

 

Kentucky

Working with Customers

·          The Department of Financial institutions requests non-depostiory institutions to implement policies and procedures to constructively work with customers. Such actions may include: restructuring loans, extending repayment terms, easing terms for new loans, and waiving fees.

[Kentucky Dep't of Financial Institutions; Non-Depository Guidance - March 24, 2020]

Working from Home

·           The Department of Financial institutions encourages non-depository institutions to allow employees to work remotely if they can do so in a manner that is safe to the employee and protects customer information.

[Kentucky Dep't of Financial Institutions; Non-Depository Guidance - March 24, 2020]

Business Continuity Plan

·           The Department of Financial provides non-depository institutions should include pandemic planning in business continuity plans.

[Kentucky Dep't of Financial Institutions; Non-Depository Guidance - March 24, 2020]

 

Louisiana

Working from Home

·         Licensees may temporarily close licensed locations or permit licensed mortgage loan originators to work from home.

·         The required prior written notice is waived for relocations within Louisiana.

·         The change of location fee will be waived on a case-by-case basis for locations of entities materially affected or interrupted if they submit the following information via email to ofiland@ofi.la.gov or ofilicensing@ofi.la.gov (and not through NMLS):  (1) name/physical address of the closed location, (2) name/physical address/telephone number/other contact information of the new location, (3) name/contact information of person at the new location, and (4) such other information as the Louisiana Commissioner of Financial Institutions may request.

·         If a licensee is not materially affected or interrupted by this emergency, the licensee should continue to utilize NMLS for all filings.

[Louisiana Office of Financial Institutions; Residential Mortgage Lenders Brokers Originators – March 18, 2020]

[Louisiana Office of Financial Institutions; Check Cashers - March 18, 2020]

[Louisiana Office of Financial Institutions; Lenders and Brokers - March 18, 2020]

[Louisiana Office of Financial Institutions: Pawnbrokers - March 18, 2020]

Business Continuity Plan

·         The Office of Financial Institutions reminded financial institutions to review and update their Disaster Recovery/Continuity Plans.

[OFI Bulletin - Depository: Continuity of Operations Preparedness/Planning April 1, 2020]

 

Maine

No COVID-19-specific regulatory guidance from the Maine Bureau of Consumer Credit Protection as of May 25.

Maryland

Working with Customers

·          The Commissioner of Finacial Regulation strongly urges all mortgage servicers to taker reasonable steps in an attempt to offer assistance affected by the current pandemic. Such steps include: waiving fees, forgoing the reporting of payment information; offering forbearnce; extending loan modification trial periods, proactively communicate with borrowers, and training all staff of assistance options available to borrower.

[Commissioner of Financial Regulation; Guidance to Mortgage Servicers - March 24, 2020]

Working from Home

·          A MLO may take a loan application or offer or negotiate terms of a mortgage loan at a location other than the licensed address so long as certain conditions are met:

·          Neither the mortgage loan originator nor the mortgage loan originator's employer may: (1) own or lease the location for the purpose ofconducting mortgage lending business, (2) indicate or suggest by use of signage that they utilize the location for taking mortgage loan applications or offering or negotiating terms of mortgage loans, (3) advertise that they take mortgage loan applications or offers or negotiates terms of mortgage loans at the location, (4) maintain work space, telephone service, or internet service at the location in their name for the purpose of conducting mortgage lending business, (5) receive mail relating to the mortgage lending business at the location, or (6) store books or records relating to the mortgage lending business at the location.

[Commissioner of Financial Regulation; Bulletin for Mortgage Brokers, Lenders, and Servicers– March 13, 2020]

·          Remote notarization will be allowed if the notary and the party whose signature is being notarized communicate with each other simultaneously by sight and sound, and the notary is able to view satisfactory evidence of the party's identity.

Commissioner of Financial Regulation: Advisory - March 31, 2020

Business Continuity Plan

·          All Maryland Licensed Mortgage Brokers, Lenders and Servicers should have a written comprehensive disaster recovery plan in place.

·          Licensees should also encourage consumers who do not already utilize any electronic services to do so, and to remind customers that such services are not disrupted when a branch or office is closed due to emergency conditions.

[Commissioner of Financial Regulation; Bulletin for Mortgage Brokers, Lenders, and Servicers– March 13, 2020]

Examinations

·          Examinations must still be conducted, but OCFR is flexible on timelines for licensees affected by COVID-19.

·          Licensees must notify the OCFR immediately of any office closures during any part of the examination.

[Commissioner of Financial Regulation; Bulletin for Mortgage Brokers, Lenders, and Servicers– March 13, 2020]

 

Massachusetts

Working with Customers

·          The Division of Banks encourages financial institutions to work with affected customers and communities by postponing foreclosures for 60 days, forbearing mortgage payments for 60 or more days, waiving late fees for 60 days; refraining from reporting late payments to credit rating agencies for 60 days, offering borrowers an additional 60-day grace period to complete trial loan modifications, ensure borrowers do not experience service disruption, and proactively communicating with borrowers.

[Massachusetts Division of Banks; Statement on Financial Institutions - March 16, 2020]

[Massachusetts Division of Banks; Guidance to Mortgage Lenders and Servicers - March 25, 2020]

Working from Home

           Loan officers' homes do not have to be licensed so long as they do not advertise their homes as offices and do not meet customers at their home.

Business Continuity Plan

·         The Massachusetts Division of Banks reminds licensees to have business continuity plans in place.

·         Guidance includes: (1) document a strategy for responding to a pandemic, (2) ensure continuance of critical operations, (3) communicate plans with staff, service providers, customers, and regulators, (4) educate employees on risk mitigation strategies, (5) test pandemic planning practices and capabilities, and (6) ensure sufficient flexibility in the pandemic plan to address possible effects from a pandemic.

[Massachusetts Division of Banks; Reminder to Licensees – March 11, 2020]

·         The Division of Banks also requests prompt notification regarding any location closures, business, disruptions, or other significant developments related to the Coronavirus.

[Massachusetts Division of Banks; Notification Protocol - March 19, 2020]

Extensions 

·         The Division of Banks issued a 60 day extension for licensees to file financial statements, 30 day extension to submit Call Reports and MCR Standard Financial Condition Reports, 60 day extension to file Annual Reports, and 180 day extension for prometric testing (testing sites will be closed for at least 30 days).

[Massachusetts Division of Banks; Deadline Extensions - March 30, 2020]

Michigan

Working from Home

            No specific guidance. Generally, the governor recommends businesses encourage staff to telework when feasible, particularly individuals at risk of severe illness.

[Michigan Dep't of Insurance and Financial Services – March 11, 2020]

Business Continuity Plan

            No specific guidance. The governor also recommends tailoring continuity of operation plans to the COVID-19 threat.

[Michigan Dep't of Insurance and Financial Services – March 11, 2020]

Minnesota

Branch License Requirements

·          Minnesota does not have a branch license requirement for its mortgage licensees, only a branch registration for offices located within the state. If customers will be going to a Minnesota home for the purposes of obtaining a mortgage loan, the mortgage licensee must complete the branch registration for the home.

[Minnesota Dep't of Commerce; Mortgage Originators & Servicers - March 17, 2020]

Working from Home

·          An employee of an industrial loan & thrift company can work from home as long as the loans are still closed under the address of the licensed branch location, customers are not physically going to any unlicensed location for any part of the loan process, no physical records are kept at an unlicensed location, and the employee can maintain the company's data security policies and standards.

·           An employee of a mortgage licensee can work from home as long as no physical records are kept at an unregistered location and the employee can maintain the company's data security policies and standards.

·           An employee of a non-depositiory financial institution can work from home as long as the transactions are still tied to a licensed location, customers are not physically going to any unlicensed location, no physical records are kept at an unregistered location, and the employee can maintain the company's data security policies and standards.

·           An employee of a regulated loan company can work from home as long as the loans are still closed under the address of a licensed location, customers are not physically going to any unlicensed location, no physical records are kept at an unregistered location, and the employee can maintain the company's data security policies and standards.

[Minnesota Dep't of Commerce; Industrial Loan & Thrift Companies - March 24, 2020]

[Minnesota Dep't of Commerce; Mortgage Originators & Servicers - March 17, 2020]

[Minnesota Dep't of Commerce: Non-Depository Financial Institutions - March 18, 2020]

[Minnesota Dep't of Commerce; Regulated Loan Companies - March 16, 2020]

Closure/Examinations

·          Industrial loan & thrift companies, non-depository financial institutions, and regulated loan companies must notify the Minnesota Department of Commerce if they decide to close a branch so that they are not open for business or examination purposes.

[Minnesota Dep't of Commerce; Industrial Loan & Thrift Companies - March 24, 2020]

[Minnesota Dep't of Commerce: Non-Depository Financial Institutions - March 18, 2020]

[Minnesota Dep't of Commerce; Regulated Loan Companies - March 16, 2020]

Extensions 

·         The Department extended the deadline to file Annual Reports due by either March 1 or March 15, 2020 to April 30, 2020 for the following licensees:

    • regulated lenders;
    • motor vehicle sales finacne companies
    • industrial loan & thrift companies
    • consumer small lenders
    • insurance premium finance companies
    • debt settement services providers
    • debt management services providers.

[Minnesota Dep't of Commerce: Annual Report Deadline Extension - March 30, 2020]

Mississippi

Working with Customers

          The Mississippi Department of Banking and Consumer Finance (DBCF) strongly encourages licensees to communicate and work closely with consumers that may be impacted by COVID-19 including the possibility of the deferral of fees and other charges.

[Mississippi Dep't of Banking and Consumer Finance; Consumer Finance Licensees - March 14, 2020]

Working from Home

·         Licensees may relocate or permit employees to work from home, but compliance with all applicable laws and regulations, including those regarding security requirements, must be maintained.

·         Licensees should notify DBCF of any circumstances caused by the pandemic, including staffing issues, the closure, relocation, or remote work program and any efforts taken to work with customer.

·         The DBCF will not take administrative or other punitive action for a mortgage loan originator conducting activities requiring licensure from home so long as the following conditions are met: (1) employees must access the secure origination system using VPN, (2) all security updates, patches, or other alterations to the devices must be maintained, and (3) employees may not keep any physical business records at any location other than the secure file location listed in NMLS.

[Mississippi Dep't of Banking and Consumer Finance; Interim Regulatory Guidance – March 16, 2020]

[Mississippi Dep't of Banking and Consumer Finance; Mortgage Licensees – March 14, 2020]

Business Continuity Plan

·         Licensees should periodically review related risk management plans, specifically continuity and pandemic plans, to ensure continuity of products and services with minimal disruption.

[Mississippi Dep't of Banking and Consumer Finance; Interim Regulatory Guidance – March 16, 2020]

[Mississippi Dep't of Banking and Consumer Finance; Mortgage Licensees – March 14, 2020]

 

Missouri

No COVID-19-specific regulatory guidance from the Missouri Division of Finance as of May 25.

Montana

Working with Customers

·           Financial institutions and credit unions are encouraged to work with affected customers by waiving fees; increasing ATM daily cash withdrawal limits; easing restrictions on cashing out-of-state and non-customer checks, increasing credit card limits when applicable, and offering payment accomodations.

[Montana Dep't of Banking and Financial Institutions; Banks: Memo on Working with Customers - March 16, 2020]

[Montana Dep't of Banking and Financial Institutions; Credit Unions: Memo on Working with Members - March 20, 2020] 

Working from Home

·          The Montana Division of Banking and Financial Institutions is temporarily allowing licensed mortgage loan originators, loan processors, and underwriters to work from home even if the home is not a licensed branch.  If loan officers work from an unlicensed branch home, they must not have consumers come to the home.

[Montana Dep't of Banking and Financial Institutions; Non-Depository Institutions]

Closures

·         If an insititution or credit union is unable to continue to provide essential services to its customers, it must immediately notify the Montana Division of Banking.

[Montana Dep't of Banking and Financial Institutions; Banks: Supervisory Memorandum - March 12, 2020]

[Montana Dep't of Banking and Financial Institutions; Banks: Supervisory Memorandum - March 19, 2020]

[Montana Dep't of Banking and Financial Institutions; Credit Unions: Supervisory Memorandum - March 12, 2020]

Nebraska

Working with Customers

·           The Nebraska Department of Banking and Finance encourages financial institutions to work with affected customers and communities.  Efforts may include payment accomodations such as allowing borrowers to defer or skip some payments or extending the payment due date by up to 90 days.

[Nebraska Dep't of Banking and Finance – March 17, 2020]

Branch License Requirements

·         Financial institutions affected by COVID-19 related issues that expect to encounter difficulty meeting regulatory reporting requirements are encouraged to contact the Nebraska Department of Banking and Finance to discuss their situation.

[Nebraska Dep't of Banking and Finance – March 17, 2020]

Working from Home

·         Licensed loan officers may work from an unlicensed branch if their sponsor notifies the department of the temporary location and the estimated length of time for its use with this form.  The Nebraska Department of Banking and Finance must approve the notification.

·         Loan officers: (1) may not keep physical records at an unlicensed location, (2) must be able to access the secure origination system using VPN, and (3) may not allow customers to come to the unlicensed location.

·         State and federal data security requirements must be followed. 

[Nebraska Dep't of Banking and Finance – March 12, 2020]

Examinations

As needed, the Nebraska Department of Banking and Finance will work with affected financial institutions to reduce burden when scheduling examinations, including making greater use of off-site reviews, consistent with applicable legal and regulatory requirements.

[Nebraska Dep't of Banking and Finance – March 17, 2020]

Nevada

Working with Customers

        The Department of Business and Industry: Division of Mortgage Lending urges licensees to assist customers by considering the following actions: 60 day forbearance, not reporting late payments to credit reporting agencies for 60 days, options for additional 60 day grace period to address current loan modifications; waiving late payments for 60 days, refrain from foreclosures for 60 days, mortgage servicing functions are operational during office closures, ensure security of data, and procatively communicating with customers.

[Nevada Dep't of Business and Industry; Division of Mortgage Lending - March 27, 2020]

Working from Home

·        Licensed mortgage loan originators may work from home.  Mortgage companies must still comply with state and federal laws regarding data security.

[Nevada Dep't of Business and Industry; Division of Mortgage Lending – March 13, 2020]

New Hampshire

Working with Customers

·          Financial institutions should consider programs to assist consumers with the economic effects of Coronavirus.

·          Financial institutions are also encouraged to work with customers that notify them of an inability to fulfill loan obligations.

[New Hampshire Banking Dep't; Guidance Letter - March 13, 2020]

Working from Home

·            Generally, loan officers may work remotely so long as the location is within 100 miles of a supervisory office.

·            Due to the Coronavirus concern, temporary work locations such as a personal residence or hotel are not required to be within 100 miles of a supervisory office.

[New Hampshire Banking Dep't; Guidance Letter - March 13, 2020]

New Jersey

Working with Customers

·          Regulated entites are encouraged to relax due dates, extend grace periods, modifying terms, extending new credit, waiving fees, allow deferred payments, and delay the submission of delinquency notices to credit bureaus.

[New Jersey Dep't of Banking and Insurance; Disruption from COVID 19 - March 19, 2020

Branch License Requirements

           The license application deadline for mortgage servicers and RMLA-licensed mortgage servicer registration is extended 60 days to June 12.

[New Jersey Dep't of Banking and Insurance; Bulletin NO. 20-18 - April 23, 2020]

Working from Home

·          Until April 30, 2020, the Department of Banking and Insurance will not take action on the requirement that activity by a licensee must be conducted from a licensed branch locations as long as the licensee submits: (1) a list of all individuals who will be seeking no-action dispensation; (2) a certification by the licensee that listed individuals are working from home due to a reason related to COVID-19; and (3) a certification by the licensee that the location shall ensure the maintenance of a consumer's right to privacy, including data privacy and cybersecurity, with a description of the steps being taken and controls being implemented to insure consumer privacy.

[New Jersey Dep't of Banking and Insurance; Working from Home - March 19, 2020]

New Mexico

Working from Home

·           Licensees and staff may work from home so long as: (1) employees can access systems securely using VPN, (2) security protocols are in place to protect consumers, (3) companies and employees do not advertise or hold their residence out as a place of business, (4) employees do not meet customers at their unlicensed residence, (5) companies and employees exercise due diligence in protecting customer data.

[New Mexico Regulation and Licensing Dep't; Memorandum - March 17, 2020]

New York

Emergency Regulations

·           In emergency regulations published March 24, New York Department of Financial Services (NY DFS) is requiring financial institutions regulated by NY DFS provide forbearance on residential property mortgages in New York for a period of 90 days to any New York resident who demonstrates financial hardship as a result of the virus, subject to the safety and soundness requirements of the regulated institutions and certain listed exceptions.  In addition, for customers facing financial hardships, financial institutions are required to eliminate:  (i) ATM fees at the institutions’ ATMs, (ii) overdraft fees, and (iii) credit card late fees. 

[New York Dep't of Financial Services; Emergency Regulation - March 24, 2020]

Working with Customers

·          NY DFS issued guidance encouraging licensees and regulated banks to take steps to assist businesses adversely impacted by the virus by offering payment accommodations, waiving overdraft fees, and easing credit terms.

·          NY DFS is also urging all regulated and exempt mortgage servicers to support borrowers who are affected by COVID-19 by forebearing mortgage payments for 90 days, refraining from reporting late payments to credit agencies for 90 days; offering 90-day grace periods to complete trial loan modifications; waive fees, postpone evictions and foreclosures for 90 days, ensure borrowers do not experience a disruption of service, and proactively communcating with borrowers.

·          NY DFS also issued guidance encouraging all regulated financial institutions to help consumers and small businesses affected by the virus by waiving fees, providing new terms, increasing ATM cash withdrawal limits, increasing credit card limits when appropriate, offering payment accomodations, ensuring consumers and small businesses do not experience a disruption of service, and proactively communcating with customers.

[New York Dep't of Financial Services; Industry Letter Banks Credit Unions and Licensed Lenders - March 10, 2020]

[New York Dep't of Financial Services; Industry Letter Regulated and Exempt Mortgage Servicers - March 19, 2020]

[New York Dep't of Financial Services; Industry Letter Regulated Financial Institutions - March 19, 2020]

Business Continuity Plan

·       ·           New York DFS requires regulated banks, credit unions, and licensed lenders to submit a written response to the agency describing the institution’s plan to manage the financial risks to it posed by the impacts of the coronavirus within 30 days (by April 9). Institutions’ responses must include assessments in six categories.

·      ·            New York DFS is also requiring regulated businesses (including licensees, banks, credit unions, and virtual currency businesses) to provide assurances that they have preparedness plans in place to address operational and financial risk posed by the coronavirus. The plans must be provided to NY DFS no later than April 9 and the plans must address nine categories.

[New York Dep't of Financial Services; Industry Letter Banks Credit Unions and Licensed Lenders - March 10, 2020]

[New York Dep't of Financial Services; Regulated Institutions - March 10, 2020]

North Carolina

No COVID-19-specific regulatory guidance from the North Carolina Commissioner of Banks Office as of May 25.

North Dakota

Working with Customers

·         If a financial institution determines it necessary to close or reduce service hours at some of their branch locations, they must notify the North Dakota Department of Financial Institutions of any reduction of hours and/or services.

[North Dakota Dep't of Financial Institutions; Temporary Branch Closings - March 16, 2020]

Branch License Requirements

           No statement as of August 3rd.

Working from Home

·          Individuals may work remotely without notification or branch licensure as long as the location is not held open to the public as a place of business.

[North Dakota Dep't of Financial Institutions; COVID-19 Response]

Business Continuity Plan

·           Businesses should review and update their pandemic plan.  Business continuity plans should address the threat of a pandemic and its potential impact on the delivery of critical financial services.

[North Dakota Dep't of Financial Institutions; COVID-19 Response]

Examinations
            No statement as of 8/3/20.

 

 

Ohio

Working with Customers

No statement as of August 3rd.

Branch License Requirements

No statement as of August 3rd.

Working from Home

·         Ohio law permits loan officers to work from home, provided that they are reasonably overseen by a registered or exempt company, and do not engage in activities that would lead their home office to be classified as a branch office of the company.  Loan officers may not hold out to the public as a place of business any location that is not a licensed location.

·         The Ohio Division of Financial Institutions will not enforce the requirements that loans be made at a licensed location during the current state of emergency provided that the licensed company oversees all loan origination activities.

·         Loan officers and other employees must be reasonably supervised by the companies they work for, and the companies must have reasonable measures in place to ensure information security under applicable federal and state requirements.

[Ohio Division of Financial Institutions – March 23, 2020]

Business Continuity Plan

           No statement as of August 3rd.

Examinations

           No statement as of August 3rd.

Oklahoma

Working with Customers

·         Licensees should work constructively with borrowers and other consumers in affected communities.

[Oklahoma Dep't of Consumer Credit; Interim Guidance – June 30, 2020]

Branch License Requirements
          No statement as of August 3rd.

Working from Home

·         Mortgage loan originators and employees if the following conditions are met: (1) employees must access the secure origination system using VPN, (2) employees must keep physical records only at the licensed office, and (3) all security updates, patches, or other alterations to the devices’ security must be maintained.

·         The Oklahoma Department of Consumer Credit will expedite requests to changed licensed addresses.  Fees are waived if the change is determined to be for public health reasons.

[Oklahoma Dep't of Consumer Credit; Interim Guidance – June 30, 2020]

Business Continuity Plan
           No statement as of August 3rd.

Examinations
·          The Department will work with affected licensees in scheduling examinations or inspections to minimize disruption and burden caused by Coronavirus.

[Oklahoma Dep't of Consumer Credit; Interim Guidance – June 30, 2020]

 

Oregon

Working with Customers

The Oregon Division of financial Regulation encourages all Oregon-regulated lenders and loan servicers to take active measures to help borrowers economically affected by the COVID-19 pandemic. This includes offering loan forbearance plans, fee waivers, and other deferred payment options.

[Oregon Division of Financial Regulation – March 20, 2020]

Branch License Requirements

No statement as of August 3rd.

Working from Home

·             Licensed mortgage loan originators will temporarily be allowed to work from home (not a licensed branch) if the following criteria are met:

·             (1) prior notice sent to Department of Financial Regulation; (2) appropriate policies and procedures are in place to supervise the activities of employees working from home; (3) no physical business records must remain at a licensed location; (4) consumers may not visit the loan originator or employee's home for business purposes; and (5) temporary policies regarding working at home must be sent to the DFR.

[Oregon Division of Financial Regulation Bulletin No. DFR 2020-6 – April 20, 2020]

Business Continuity Plan
No statement as of August 3rd.

Examinations
No statement as of August 3rd.

Pennsylvania

Working with Customers

            No statement as of August 3rd.

Branch License Requirements

            No statement as of August 3rd.

Working from Home

            Licensees can work from alternate site locations while the state is under a Proclamation of Disaster Emergency.

[Pennsylvania Dep't of Banking and Securities; Non-Depository Guidance]

Business Continuity Plan

            No statement as of August 3rd.

Examinations

            No statement as of August 3rd.

 

Rhode Island

Working with Customers

           The Rhode Island Department of Business Regulation Division of Banking encourages Financial Institutions to work with affected customers and communities.  Efforts may include waiving certain fees, increasing ATM daily cash withdrawal limits, easing restrictions on cashing out-of-state and non-customer checks, increasing credit card limits for creditworthy borrowers; and offering payment accommodations.

[Rhode Island Dep't of Business Regulation; Banking Division Regulatory Guidance - March 23, 2020]

Branch License Requirements

           No statement as of August 3rd.

Working from Home

·          Licensed mortgage loan originators may work from a location that is not a licensed or registered office if the following security provisions are met:

·           (1) Licensee must be able to access the company's secure origination system using a VPN; (2) All security updates and patches on the device must be maintained; and (3) Any physical business records must remain at the licensed main office.

[Rhode Island Dep't of Business Regulation; Banking Division Regulatory Guidance – June 23, 2020]

Business Continuity Plan

          No statement as of August 3rd.

Examinations

          No statement as of August 3rd.

South Carolina

Working with Customers

No statement as of August 3rd.

Branch License Requirements

No statement as of August 3rd.

Working from Home

Licensed mortgage loan brokers may allow employees to work from home if: (1) the licensed company has temporary policies, procedures, and a plan for supervision in placewhile under the state of emergency, (2) loan officers must be able to access the company’s secure origination system using VPN, (3) security updates, patches, or other alterations to the device’s security are maintained, and (4) the loan officer does keep any physical business records at any location other than thelicensed main office.

[South Carolina Dep't of Consumer Affairs – May 28, 2020]

Business Continuity Plan

           No statement as of August 3rd.

Examinations

           No statement as of August 3rd.

South Dakota

Working with Customers

            No statement as of August 3rd.

Branch License Requirements

            No statement as of August 3rd.

Working from Home

·           Licensed mortgage loan originators may work from a location that is not a licensed or registered office if the following security provisions are met:

·           (1) licensee must be able to access the company's secure origination system using a VPN; (2) all security updates and patches on the device must be maintained; and (3) any physical business records must remain at the licensed main office.

[South Dakota Division of Banking; Interim Guidance – June 1, 2020]

Business Continuity Plan

           No statement as of August 3rd.

Examinations

           No statement as of August 3rd.

Tennessee

Working with Customers

No statement as of August 3rd.

Branch License Requirements

No statement as of August 3rd.

Working from Home

·          Licensees may allow employees to work from home if: (1) all computers and other devices that contain confidential information are encrypted and secure, (2) employees access the licensee’s secure system remotely using VPN, (3) all security updates, patches, or other alterations to the employees' access device are maintained, (4) employees do not keep any physical business records at the remote location, and (5) activity should be conducted in a private environment, rather than a public area.

·          Licensees and registrants will continue to be responsible for supervising their employees and for conducting business in a compliant manner.

[Tennessee Dep't of Financial Institutions – March 23, 2020]

Business Continuity Plan

 Business continuity plans should address the threat of pandemic outbreak and the potential impact on the delivery of financial services.

[Tennessee Dep't of Financial Institutions – March 23, 2020]

Examinations

           No statement as of August 3rd.

Texas

Working with Customers

The Texas Office of the Consumer Credit Commissioner encourages regulated lenders to carefully consider the following measures during this crisis:

·      Increasing communication with borrowers regarding COVID-19 and the recommended methods for borrowers to contact the lender, especially if the lender has altered operations due to COVID-19.

·      Working out modifications with borrowers to help ensure successful repayment, including deferred or partial payments, which would avoid delinquencies and negative credit reporting.

·      Waiving late charges during the disaster declaration.

·      Waiving deferment charges (in the case of add-on or scheduled installment earnings transactions) or waiving additional finance charge resulting from a deferment (in the case of true daily earnings transactions).

·      Waiving nonsufficient funds fees for dishonored payments or unsuccessful ACH withdrawals.

·      Suspending charging off accounts.

·      Suspending repossessions of collateral and foreclosure of real property. (For certain FHA-insured mortgages, the Department of Housing and Urban Development has placed a moratorium on foreclosures).

[Texas Office of Consumer Credit Commissioner – July 17, 2020]

            The Texas joint financial regulatory agencies (Department of Banking, Department of Savings and Mortgage Lending, Office of Consumer Credit Commissioner, and Credit Union Department) issued guidance on emergency measures for home equity lenders to consider in response to the COVID-19 pandemic.  Guidance covers existing HELOCs, and refinancing or modifying home equity loans.

[State of Texas Joint Financial Regulatory Agencies – April 22, 2020]

Branch License Requirements

·          Department of Savings and Mortgage Lending has been authorized to temporarily suspend any requirement that a physical office be open to the public during posted normal business hours.

[Texas Department of Savings and Mortgage Lending; Letter re Branch Licensing - March 20, 2020]

Working from Home

·          Licensed regulated lenders will temporarily be allowed to work from home as long as the following conditions are met:

·           (1) A licensee must prepare a written plan describing what steps it is taking and the location where the regulated lending activity will take place; (2) a licensee's employees must access information in accordance with the licensee's written information security program; (3) a licensee must be able to access secure electronic information using a VPN; and (4) a licensee may not keep any physical business records at a non-licensed location.

[Texas Office of Consumer Credit Commissioner; Advisory Bulletin – May 15, 2020]

Business Continuity Plan

           No statement as of August 3rd.

Examinations

           No statement as of August 3rd.

Utah

Working with Customers

No statement as of August 3rd.

Branch License Requirements

No statement as of August 3rd.

Working from Home

There is no prohibition against Utah mortgage loan originators working from home offices.  The Utah Department of Commerce requires that any Utah mortgage loan originator not working at a licensed Utah branch be linked on the NMLS to the entity location.  Also, the entity would need to make their remote employees aware that their home is not a licensed location and should not be treated as such.  Principal and branch lending managers must supervise the activities of the mortgage loan originators and should have in place the means to ensure the accuracy and correctness of the loans originated from their companies.

[Utah Department of Commerce; Division of Real Estate – March 20, 2020]

Business Continuity Plan

           No statement as of August 3rd.

Examinations

           No statement as of August 3rd.

Vermont

Working with Customers

·           The Vermont Department of Financial Regulation strongly encourages licensees to communicate and work closely with affected customers by waiving certain fees, easing restrictions, and even offering payment accommodations.

[Vermont Dep't of Financial Regulation; Memorandum - March 16, 2020]

Branch License Requirements

            No statement as of August 3rd.

Working from Home

·           Licensed mortgage loan originators will temporarily be allowed to work from home (not a licensed branch) if the following data security measures are met:

·           (1) Activity being conducted from home is required by the sponsoring entity; (2) Licensee is working from home due to the COVID-19 pandemic; (3) Licensee maintains all necessary licenses; (4) No Vermont licensable activity is conducted in person with members of the public; (5) Licensee must be able to access secure origination system using a VPN; (6) All security updates, patches, or other security alterations to device used to access the company's system must be kept up to date; and (7) The licensed sponsoring company must have temporary policies, procedures, and plan for supervision in place while under the state of emergency.

[Vermont Dep't of Financial Regulation; Memorandum - March 13, 2020]

Business Continuity Plan

            No statement as of August 3rd.

Examinations

            No statement as of August 3rd.

Virginia

Working with Customers

No statement as of August 3rd.

Branch License Requirements

No statement as of August 3rd.

Working from Home

          The Virginia Bureau of Financial Institutions will take the impact of the COVID-19 pandemic into account and will attempt to accommodate efforts made by licensees to minimize service disruptions.  Licensees are cautioned that data security, internal controls, and adherence to safe and sound lending practices must retain paramount importance in alternative work programs.

[Virginia Bureau of Financial Institutions]

Business Continuity Plan

           No statement as of August 3rd.

Examinations

          The Bureau will also work with financial institutions to reduce burden when scheduling examinations and place an increased emphasis on off-site reviews and examinations.

[Virginia Bureau of Financial Institutions]

Washington

Working with Customers

             The Department of Financial Institutions released a statement urging all mortgage servicers to take reasonable and prudent actions to support adversely impacted mortgagors by: forebearing mortgage payments; refraining from reporting late payments; offering loan modifications; waiving fees, postponing foreclosures, and regularly communicating with mortgagors.

Washington Department of Financial Institutions; Guidance to Mortgage Loan Servicers – June 18, 2020

Branch License Requirements

             No statement as of August 3rd.

Working from Home

·             Licensed mortgage loan originators may work from home, whether or not located within state. 

·             Data security provisions: (1) must be able to access the company’s secure origination system (including a cloud-based system) directly from any out-of-office device using a VPN or similar system that requires passwords or other forms of authentication; (2) all security updates, patches, or other alterations to the devices security must be maintained; and (3) must not keep any physical business records at any location other than the licensed main office.

Washington Department of Financial Institutions - Interim Regulatory Guidance – June 22, 2020

Business Continuity Plan

              No statement as of August 3rd.

Examinations

              No statement as of August 3rd.

West Virginia

Working with Customers

No statement as of August 3rd.

Branch License Requirements

No statement as of August 3rd.

Working from Home

·           Employees of non-depository entities including mortgage loan originators will temporarily be allowed to work from home or some other location, as long as the following conditions are met:

·           (1) the entity must retain records identifying the dates and locations where each employee worked remotely; (2) employees must have access to the company's secure origination system through a VPN; (3) the entitiy is responsivle for assuring that security is maintained with updates and patches; (4) employees may not relocate any business records nor reporduce any confidential information; and (5) employees may not arrange to meet with borrowers at any remote location.

[West Virginia Division of Financial Institutions; Guidance - March 13, 2020]

Business Continuity Plan

           No statement as of August 3rd.

Examinations

           No statement as of August 3rd.

Wisconsin

Working with Customers

          The Wisconsin Department of Financial Institutions issued guidance on debt collection practices and the Wisconsin Consumer Act during the COVID-19 pandemic.  The Department also issued the following warning to debt collectors that routinely rely on telephone calls to collect debts: whether conduct can reasonably be expected to threaten or harass a consumer depends on the context, and the worldwide context just shifted dramatically.  Practices that may have been typical or customary under normal conditions may be deemed harassment under conditions of a global pandemic.

[Wisconsin Dep't of Financial Institutions – April 13, 2020]

Branch License Requirements

No statement as of August 3rd.

Working from Home

Mortgage Bankers:

·          Licensed mortgage loan originators may work from a location that is not a licensed or registered office upon compliance with the following criteria:

·          (1) the sponsoring entity for the loan originator must notify the Division of Banking; (2) the sponsoring entity must maintain a list of mortgage loan originators who elect to work from home; (3) appropriate data security measures are in place; (4) physical business records are not maintained at the unlicensed location; and (5) consumers may not be present at the unlicensed location.

[Wisconsin Dep't of Financial Institutions, COVID Directive - Mortgage Bankers]

Financial Services Licensees:

·            Other licensees may submit requests to the Division of Banking to relocate employees or licensable activities.

[Wisconsin Dep't of Financial Institutions, COVID-19 Directive - Licensed Financial Services]

Business Continuity Plan

            No statement as of August 3rd.

Examinations

  No statement as of August 3rd.

Wyoming

Working with Customers

No statement as of August 3rd.

Branch License Requirements

No statement as of August 3rd.

Working from Home

           No statement as of August 3rd.

Business Continuity Plan

           No statement as of August 3rd.

Examinations

           No statement as of August 3rd.

Washington, D.C.

Working from Home

           The Department Insurance, Securities and Banking ordered that licensees may work from home as long as regulated activity is not conducted in person and data security measures are taken, such as access to the company's system through a VPN or similar system requiring passwords or other identification and maintenance of security features.  Physical business records cannot be kept outside of the licensed main office.

[Dept' of Insurance, Securities and Banking; Order - March 27, 2020]

Puerto Rico

Working with Customers

·         Circular Letter No. 2020-02 orders most businesses to shut down between March 15 and March 30, 2020, but excludes banking services, credit and savings cooperatives for the realization of personal or commercial transactions permitted by the Puerto Rico Office of the Commissioner of Financial Institutions (OCIF).  However, there are no relevant OCIF as of March 18, 2020. 

Puerto Rico Dep't of Economic Development and Commerce; Circular Letter - March 17, 2020

Guam

Branch License Requirements

·           Any business license expiring in March 2020 will be extended through April 30, 2020, by which time renewal should be completed to avoid penalties. Business licenses which expired prior to March 2020 will be considered valid through April 30, 2020, but penalties will be charged.  DRT will be able to issue new business licenses when regular, office operations resume.

[Guam Dep't of Revenue and Taxation; Public Announcement – March 18, 2020]