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Ex. AGY-ST-INSURANCE-BANKING-011 Context (guidance or announcement) Primary source read

Industry Letter of June 17, 2020

Guidance to New York State-Regulated Financial Institutions Regarding Support for New York Consumers Impacted by the Novel Coronavirus (COVID-19)

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

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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
2020-06-17 June 17, 2020
Effective
2020-06-17
End
Not rescinded (read as 2021-09-30)
In force
June 17, 2020 to Sept. 30, 2021
Quarters
2020 Q22020 Q32020 Q42021 Q12021 Q22021 Q3
Limitation types
Other
Addressees
  • chief executive officers of New York State-regulated financial institutions
Functions reached
  • SV servicing and credit reporting
  • CL consumer lending
  • CB consumers 'until social distancing restrictions are lifted and economic activity returns to more normal levels'
Character
context
Collection
State insurance and banking regulators AGY-ST-INSURANCE-BANKING

Operative words

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 ('CARES') Act), which requires that when a furnisher reaches an 'accommodation' (as defined therein) with respect to one or more payments

Enforcement

Supervisory; FCRA § 623 as incorporated

Notes

The regulator's own June 2020 finding that 'a 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.'

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.