Skip to content
The COVID Project
  1. Library
  2. State insurance and banking regulators
  3. AGY-ST-INSURANCE-BANKING-009

Ex. AGY-ST-INSURANCE-BANKING-009 Context (guidance or announcement) Primary source read

Industry Letter of March 19, 2020

Support for Consumers and Businesses Impacted by the Novel Coronavirus (COVID-19)

Superintendent of Financial Services · New York; Department of Financial Services (banking division) (Sector regulator)

Open exhibit (PDF, 64 KB)Source (opens in a new tab)Archived copy (opens in a new tab)
The COVID Project
Context, not an order

This record is guidance or an announcement kept for context. It is not counted among the orders in force.

The record

Jurisdiction
New York; Department of Financial Services (banking division) · New York
Level
Sector regulator
Authority
Fin. Serv. Law § 302
Issued
2020-03-19 Mar. 19, 2020
Effective
2020-03-19
End
Made mandatory for hardship consumers by Executive Order 202.9 (Mar. 21, 2020) and 3 NYCRR 119 (Mar. 24, 2020, Ex. NY-100) (read as 2020-03-21)
In force
Mar. 19, 2020 to Mar. 21, 2020
Quarters
2020 Q22020 Q32020 Q42021 Q12021 Q22021 Q3
Limitation types
Other
Addressees
  • chief executive officers of New York State regulated financial institutions
Functions reached
  • BR branches and fee operations
  • CL consumer lending
  • BL business lending
  • SV servicing and collections
  • CB consumers and small businesses under hardship
Character
context
Collection
State insurance and banking regulators AGY-ST-INSURANCE-BANKING

Operative words

the Department is issuing guidance to urge all regulated financial institutions during this outbreak to do their part to alleviate the adverse impact caused by COVID-19 on those consumers and small businesses that can demonstrate financial hardship caused by COVID-19, including taking reasonable and prudent actions to support impacted... Waiving overdraft fees... Waiving late fees for credit card and other loan balances... Waiving automated teller machine (ATM) fees... Waiving early withdrawal penalties on time deposits... Offering payment accommodations, such as allowing loan customers to defer payments at no cost, extending the payment due dates or otherwise adjusting or altering terms of existing loans

Enforcement

Supervisory; superseded in part by the binding standards of 3 NYCRR 119 (Ex. NY-100)

Retrieval note

Cite it as context and cite the underlying order, statute or emergency rule it describes as the instrument. (Bulletins whose operative text imposes a mandatory duty on licensees under the regulator's own authority are excluded from this downgrade and listed separately for review.)).

A record of The COVID Project. The instrument's text is the source's; the summary fields are The COVID Project's reading of it. Not legal advice.