DFS announced on Wednesday that it reached an agreement with all New York State-regulated consumer credit reporting agencies to support New York consumers impacted by the COVID-19 pandemic, and issued guidance to financial institutions on credit reporting.

“Since the beginning of the outbreak, COVID-19 has caused significant financial hardship on consumers and businesses, with millions of people losing their jobs and regular source of income,” Linda Lacewell, DFS superintendent, said in a letter to financial institutions. “As a result, a significant number of otherwise creditworthy consumers could become unable to honor their credit obligations, in part or in full, until social distancing restrictions are lifted and economic activity returns to more normal levels.”

The letter urges all regulated financial institutions to alleviate the hardship caused by COVID-19 by taking “reasonable and prudent” actions in compliance with the CARES Act to support consumers.

The guidance can be accessed on the DFS website. Lacewell’s letter can also be accessed on the DFS website.