{"id":"AGY-ST-INSURANCE-BANKING-007","kind":"context","level":"sector-regulator","jurisdiction":"New York; Department of Financial Services (banking division)","state":"NY","metro":"","industry":"","agency":"ST-INSURANCE-BANKING","eco":"","issuer":"Superintendent of Financial Services","authority":"N.Y. Banking Law § 37; Fin. Serv. Law § 302","instrument":"Industry Letter of March 10, 2020","title":"Guidance to New York State Regulated Institutions on Operational Risk Arising from the Outbreak of the Novel Coronavirus","dateIssued":"2020-03-10","effective":"2020-03-10 (responses due within 30 days)","end":"Not rescinded","startDate":"2020-03-10","endDate":"2021-09-30","quarters":["2020Q2","2020Q3","2020Q4","2021Q1","2021Q2","2021Q3"],"types":["EMP","OTHER"],"addressees":["chief executive officers of all New York State regulated institutions (banks, trust companies, credit unions, licensed lenders, mortgage bankers and servicers, money transmitters and other licensees)"],"clause":"DFS requires that each regulated institution submit a response to DFS describing the institution\u0027s plan of preparedness to manage the risk of disruption to its services and operations. Responses are to be provided to DFS as soon as possible and in no event later than thirty (30) days from the date of this letter... The institution\u0027s plan, at a minimum, should include the following: Preventative measures tailored to the institution\u0027s specific profile and operations to mitigate the risk of operational disruption, which should include identifying the impact on customers, and counterparts; A documented strategy addressing the impact of the outbreak in stages","enforcement":"N.Y. Banking Law § 37 (reports) and § 39 (orders); § 44 penalties","functions":["BR branches (facility closure planning)","OP office and telework","WF workforce","CC contact center","HR"],"notes":"A companion letter of the same date requested assurance on financial risk; the banking and insurance letters were issued together.","sourceUrl":"https://www.dfs.ny.gov/industry_guidance/industry_letters/il20200310_risk_coronavirus","snapshot":"https://web.archive.org/web/20200323061600/https://www.dfs.ny.gov/industry_guidance/industry_letters/il20200310_risk_coronavirus","fileExists":true,"fileBytes":67959,"grade":"primary","character":"context","description":"","collection":"AGY-ST-INSURANCE-BANKING","url":"/library/AGY-ST-INSURANCE-BANKING-007","exhibitUrl":"/exhibit/AGY-ST-INSURANCE-BANKING-007","citation":"Superintendent of Financial Services, Industry Letter of March 10, 2020 (Mar. 10, 2020) (Ex. AGY-ST-INSURANCE-BANKING-007)","stateName":"New York","related":["AGY-ST-INSURANCE-BANKING-008","AGY-ST-INSURANCE-BANKING-002","AGY-ST-INSURANCE-BANKING-003","AGY-ST-INSURANCE-BANKING-009","AGY-ST-INSURANCE-BANKING-010","AGY-ST-INSURANCE-BANKING-004","AGY-ST-INSURANCE-BANKING-005"]}