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
- Alabama; State Banking Department · Alabama
- Level
- Sector regulator
- Authority
- Ala. Code § 5-2A-8
- Issued
- 2020-03-19 Mar. 19, 2020
- Effective
- 2020-03-19
- End
- Not rescinded (read as 2021-09-30)
- In force
- Mar. 19, 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
- Functions reached
- BL business lending and loan modifications
- BR operations (temporary closures and alternative service per the adopted FDIC FAQ)
- SV servicing
- OP
- Character
- context
- Collection
- State insurance and banking regulators AGY-ST-INSURANCE-BANKING
Operative words
The Alabama State Banking Department (Department) continues to closely monitor developments [and recognizes] that there are a lot of questions regarding banks working with borrowers and operational issues. This [guidance addresses those questions.] On March 19, 2020, the Federal Deposit Insurance Corporation (FDIC) issued a Financial Institution Letter (FIL-18-2020) that includes the document 'Frequently Asked Questions for Financial Institutions [Affected by the Coronavirus Disease 2019]'... [addressing] questions bankers have been asking about working with borrowers and operational issues.
Enforcement
Notes
Adopts for Alabama State banks the FDIC's FAQ (Ex. AGY-FED-FINANCIAL-006), which authorizes temporary branch closures on notice and remote operation.
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.)).