The following message was sent this morning from New York Credit Union Association President/CEO William J. Mellin to all member credit unions:
Yesterday, Gov. Andrew Cuomo made a number of moves addressing the coronavirus pandemic that impact credit unions.
First, the administration released two guidance documents through the Department of Financial Services clarifying the governor’s mortgage relief comments yesterday morning, and outlining steps DFS is encouraging New York State regulated financial institutions to consider in supporting those impacted by COVID-19.
It is important to view these guidance documents as best practices financial institutions are encouraged to take consistent with their own safety and soundness concerns. The guidance to New York State regulated and exempt mortgage servicers can be found here and the consumer support letter can be found here.
Second, Executive Order 202.7 allows for the use of remote notarization through April 18, 2020. The order contains a number of specific steps notaries must take when performing services remotely, and I encourage you to review the details on the governor’s website.
Please reach out to the Association to talk through any of these items in further detail.
William J. Mellin