{"id":"AGY-ST-INSURANCE-BANKING-067","kind":"context","level":"sector-regulator","jurisdiction":"Alabama; State Banking Department (State banking regulator)","state":"AL","metro":"","industry":"","agency":"ST-INSURANCE-BANKING","eco":"","issuer":"Mike Hill, Superintendent of Banks","authority":"Ala. Code § 5-2A-8","instrument":"Statement on Financial Institutions Working with Customers Affected by the Coronavirus and Regulatory Assistance (March 16, 2020)","title":"Statement on Financial Institutions Working with Customers Affected by the Coronavirus and Regulatory Assistance","dateIssued":"2020-03-16","effective":"2020-03-16","end":"Not rescinded","startDate":"2020-03-16","endDate":"2021-09-30","quarters":["2020Q2","2020Q3","2020Q4","2021Q1","2021Q2","2021Q3"],"types":["OTHER"],"addressees":["Alabama-chartered banks and other financial institutions supervised by the Department"],"clause":"The Alabama State Banking Department (\u0027the Department\u0027) recognizes the potential for the Coronavirus Disease (referred to as COVID-19) to adversely affect the customers and impact operations of financial institutions. The Department encourages financial institutions to take steps to meet the financial services needs of affected customers and communities. The Department will provide appropriate regulatory assistance to affected financial institutions subject to the Department\u0027s supervision, as warranted... These efforts may include, but are not limited to: Waiving certain fees, such as: Automated teller machine (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; and Offering payment accommodations, such as allowing borrowers to defer or skip some [payments].","enforcement":"Supervisory (examination authority, Ala. Code § 5-2A-12)","functions":["BR branches and fee operations","AT ATM operations","CL consumer lending","SV servicing (payment deferrals)","CB affected customers and communities"],"notes":"Parallels the federal interagency statement of March 9, 2020 (Ex. AGY-FED-FINANCIAL-002).","sourceUrl":"http://banking.alabama.gov/pdf/Covid-19/Superintendent_Mike_Hill_Statement_on_Working_with_Bank_Customers3162020.pdf","snapshot":"https://web.archive.org/web/20200927065719/http://banking.alabama.gov/pdf/Covid-19/Superintendent_Mike_Hill_Statement_on_Working_with_Bank_Customers3162020.pdf","fileExists":true,"fileBytes":373702,"grade":"primary","character":"context","description":"","collection":"AGY-ST-INSURANCE-BANKING","url":"/library/AGY-ST-INSURANCE-BANKING-067","exhibitUrl":"/exhibit/AGY-ST-INSURANCE-BANKING-067","citation":"Mike Hill, Superintendent of Banks, Statement on Financial Institutions Working with Customers Affected by the Coronavirus and Regulatory Assistance (March 16, 2020) (Mar. 16, 2020) (Ex. AGY-ST-INSURANCE-BANKING-067)","stateName":"Alabama","related":["AGY-FED-FINANCIAL-002","AGY-ST-INSURANCE-BANKING-068"]}