DFS announces regulatory relief for financial institutions amid pandemic


In an effort to provide relief from statutory and administrative regulatory requirements as the COVID-19 pandemic presents “unforeseen challenges in complying with certain obligations under New York Banking Law and New York Financial Services Law,” DFS on Thursday announced an order to provide temporary regulatory relief for New York-chartered financial institutions.

The order allows for state-chartered financial institutions, including credit unions, to conduct meetings virtually. During the disaster emergency and for 60 days thereafter, New York-chartered financial institutions may conduct required meetings virtually (via conference call, video conference or similar electronic means) provided that all individuals can hear each other at the same time.

The order also extends the timing requirement for annual stockholder meetings applicable to certain institutions.

“A majority of regulated entities have transitioned to teleworking and virtual meetings during this pandemic to flatten the curve,” said DFS Superintendent Linda Lacewell. “Today’s Order is part of a continued effort to provide relief to our regulated institutions so they can continue their operations with minimal disruption.”

The order, available here, will be in effect until it is suspended or terminated by DFS.

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