{"id":"AGY-ST-INSURANCE-BANKING-011","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","instrument":"Industry Letter of June 17, 2020","title":"Guidance to New York State-Regulated Financial Institutions Regarding Support for New York Consumers Impacted by the Novel Coronavirus (COVID-19)","dateIssued":"2020-06-17","effective":"2020-06-17","end":"Not rescinded","startDate":"2020-06-17","endDate":"2021-09-30","quarters":["2020Q2","2020Q3","2020Q4","2021Q1","2021Q2","2021Q3"],"types":["OTHER"],"addressees":["chief executive officers of New York State-regulated financial institutions"],"clause":"As New York consumers navigate these uncertain times, many with significantly diminished incomes, the Department urges all regulated financial institutions to alleviate the hardship caused by COVID-19 by taking the following reasonable and prudent actions to support consumers: Ensure compliance with Section 623(a)(1)(F) (enacted as part of the federal Coronavirus Aid, Relief, and Economic Security (\u0027CARES\u0027) Act), which requires that when a furnisher reaches an \u0027accommodation\u0027 (as defined therein) with respect to one or more payments","enforcement":"Supervisory; FCRA § 623 as incorporated","functions":["SV servicing and credit reporting","CL consumer lending","CB consumers \u0027until social distancing restrictions are lifted and economic activity returns to more normal levels\u0027"],"notes":"The regulator\u0027s own June 2020 finding that \u0027a significant number of otherwise creditworthy consumers could become unable to honor their credit obligations, in part or in full, until social distancing restrictions are lifted.\u0027","sourceUrl":"https://www.dfs.ny.gov/industry_guidance/industry_letters/il20200617_finanical_institutions_consumer_support_covid-19","snapshot":"https://web.archive.org/web/20200617211036/https://www.dfs.ny.gov/industry_guidance/industry_letters/il20200617_finanical_institutions_consumer_support_covid-19","fileExists":true,"fileBytes":215631,"grade":"primary","character":"context","description":"","collection":"AGY-ST-INSURANCE-BANKING","url":"/library/AGY-ST-INSURANCE-BANKING-011","exhibitUrl":"/exhibit/AGY-ST-INSURANCE-BANKING-011","citation":"Superintendent of Financial Services, Industry Letter of June 17, 2020 (Ex. AGY-ST-INSURANCE-BANKING-011)","stateName":"New York","related":["AGY-ST-INSURANCE-BANKING-005","AGY-ST-INSURANCE-BANKING-004","AGY-ST-INSURANCE-BANKING-003","AGY-ST-INSURANCE-BANKING-009","AGY-ST-INSURANCE-BANKING-010"]}