Statement on Financial Institutions Working with Customers Affected by the Coronavirus and Regulatory Assistance (March 16, 2020)

The record

Jurisdiction

Alabama; State Banking Department (State banking regulator) · Alabama

Level

Sector regulator

Authority

Ala. Code § 5-2A-8

Issued

2020-03-16 Mar. 16, 2020

Effective

2020-03-16

End

Not rescinded (read as 2021-09-30)

In force

Mar. 16, 2020 to Sept. 30, 2021

Quarters

2020 Q22020 Q32020 Q42021 Q12021 Q22021 Q3

2020 Q22020 Q32020 Q42021 Q12021 Q22021 Q3

Limitation types

Other

Addressees

• Alabama-chartered banks and other financial institutions supervised by the Department

Functions reached

• BR branches and fee operations
• AT ATM operations
• CL consumer lending
• SV servicing (payment deferrals)
• CB affected customers and communities

Character

context

Collection

State insurance and banking regulators AGY-ST-INSURANCE-BANKING

Operative words

The Alabama State Banking Department ('the Department') 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's 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

Notes