{"id":"AGY-ST-INSURANCE-BANKING-008","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":"Fin. Serv. Law § 302; Banking Law § 10","instrument":"Industry Letter of March 10, 2020","title":"Guidance to New York State Regulated Banks, Credit Unions and Licensed Lenders Regarding Support for Businesses Impacted by the Novel Coronavirus","dateIssued":"2020-03-10","effective":"2020-03-10","end":"Not rescinded","startDate":"2020-03-10","endDate":"2021-09-30","quarters":["2020Q2","2020Q3","2020Q4","2021Q1","2021Q2","2021Q3"],"types":["OTHER"],"addressees":["chief executive officers of New York State regulated banks, credit unions and licensed lenders"],"clause":"Since the outbreak of a novel coronavirus known as \u0027COVID-19\u0027, businesses in New York State, and particularly small businesses in the travel, transport and related industries catering to foreign visitors and tourists, have been adversely impacted by significant drops in business activities resulting, for some entities, in dramatic declines in revenue. Notably, the absence of Chinese tourists due to travel restrictions (in recent years averaging over one million per year) is having a significant impact on businesses that rely on such visitors... the New York State Department of Financial Services (the \u0027Department\u0027) seeks to ensure that New York regulated banks, credit unions and licensed lenders do their part to assist in these efforts.","enforcement":"Supervisory (examination; Community Reinvestment Act consideration under Banking Law § 28-b)","functions":["BL business lending (payment accommodations for impacted small businesses)","CB small-business borrowers in travel, transport and tourism","OP"],"notes":"The regulator\u0027s own record, dated March 10, 2020, that the federal travel restrictions had already limited the commerce of New York small businesses.","sourceUrl":"https://www.dfs.ny.gov/industry_guidance/industry_letters/il20200310_support_businesses","snapshot":"https://web.archive.org/web/20200330122734/https://www.dfs.ny.gov/industry_guidance/industry_letters/il20200310_support_businesses","fileExists":true,"fileBytes":65386,"grade":"primary","character":"context","description":"","collection":"AGY-ST-INSURANCE-BANKING","url":"/library/AGY-ST-INSURANCE-BANKING-008","exhibitUrl":"/exhibit/AGY-ST-INSURANCE-BANKING-008","citation":"Superintendent of Financial Services, Industry Letter of March 10, 2020 (Mar. 10, 2020) (Ex. AGY-ST-INSURANCE-BANKING-008)","stateName":"New York","related":["AGY-ST-INSURANCE-BANKING-007","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"]}