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
- Fin. Serv. Law § 302; Banking Law § 10
- Issued
- 2020-03-10 Mar. 10, 2020
- Effective
- 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- Not rescinded (read as 2021-09-30)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
- Other
- Addressees
- chief executive officers of New York State regulated banks, credit unions and licensed lenders
- Functions reached
- BL business lending (payment accommodations for impacted small businesses)
- CB small-business borrowers in travel, transport and tourism
- OP
- Character
- context
- Collection
- State insurance and banking regulators AGY-ST-INSURANCE-BANKING
Operative words
Since the outbreak of a novel coronavirus known as 'COVID-19', businesses in New York State, and particularly small businesses in the travel, transport and related industries catering to foreign visitors and tourists, have been adversely impacted by significant drops in business activities resulting, for some entities, in dramatic declines in revenue. Notably, the absence of Chinese tourists due to travel restrictions (in recent years averaging over one million per year) is having a significant impact on businesses that rely on such visitors... the New York State Department of Financial Services (the 'Department') seeks to ensure that New York regulated banks, credit unions and licensed lenders do their part to assist in these efforts.
Enforcement
Supervisory (examination; Community Reinvestment Act consideration under Banking Law § 28-b)
Notes
The regulator's own record, dated March 10, 2020, that the federal travel restrictions had already limited the commerce of New York small businesses.
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.)).