New York Gov. Andrew Cuomo announced Wednesday a temporary statewide mandate that will require a majority of businesses to reduce their staffing levels at their workplace to 50%. Earlier today, Cuomo upped the workforce reduction mandate to 75% in an effort to increase social distancing and contain the spread of the coronavirus.
Importantly, the New York Credit Union Association received word from the New York State Department of Financial Services that credit unions and other financial institutions are being considered “essential services” that are exempt from the mandatory workforce reduction. “We have every reason to believe it applies to both federally and state-chartered financial institutions,” said New York Credit Union Association President/CEO William J. Mellin in an email to member credit unions yesterday.
Cuomo said other industries exempt from the order would include food services and food delivery services, pharmacies, health care organizations and shipping companies.
Also on Thursday, Cuomo indicated he plans to issue an order that will halt mortgage payments for 90 days with no penalties for New Yorkers who are under financial distress due to the pandemic. It has also been reported that Cuomo plans to suspend overdraft fees and ATM fees throughout the state. The Association has been in contact with state officials about these plans and is seeking clarification from the administration.
More information on these topics will be included in the New York Minute as it becomes available.