The COVID Project
Context, not an orderThis 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
- N.Y. Banking Law § 37; Fin. Serv. Law § 302
- Issued
- 2020-03-10 Mar. 10, 2020
- Effective
- 2020-03-10 (responses due within 30 days) (read as 2020-03-10)
- End
- Not rescinded (read as 2021-09-30)
- In force
- Mar. 10, 2020 to Sept. 30, 2021
- Quarters
- 2020 Q22020 Q32020 Q42021 Q12021 Q22021 Q3
2020 Q22020 Q32020 Q42021 Q12021 Q22021 Q3
- Limitation types
- Workplace rulesOther
- Addressees
- chief executive officers of all New York State regulated institutions (banks, trust companies, credit unions, licensed lenders, mortgage bankers and servicers, money transmitters and other licensees)
- Functions reached
- BR branches (facility closure planning)
- OP office and telework
- WF workforce
- CC contact center
- HR
- Character
- context
- Collection
- State insurance and banking regulators AGY-ST-INSURANCE-BANKING
Operative words
DFS requires that each regulated institution submit a response to DFS describing the institution's plan of preparedness to manage the risk of disruption to its services and operations. Responses are to be provided to DFS as soon as possible and in no event later than thirty (30) days from the date of this letter... The institution's plan, at a minimum, should include the following: Preventative measures tailored to the institution's specific profile and operations to mitigate the risk of operational disruption, which should include identifying the impact on customers, and counterparts; A documented strategy addressing the impact of the outbreak in stages
Enforcement
N.Y. Banking Law § 37 (reports) and § 39 (orders); § 44 penalties
Notes
A companion letter of the same date requested assurance on financial risk; the banking and insurance letters were issued together.
Retrieval noteCite 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.)).