Coronavirus (COVID-19) Relief Center
Coronavirus (COVID-19) Relief Center
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Other States
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- Arizona
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New York State
These resources – like the public health crisis itself – are constantly evolving and are only current as to the date of publication. This page was last updated on July 20, 2020.
We recommend that you monitor this site, as well as the sites referenced in these resources, for updates and changes as we expect the situation and solutions to change over the coming weeks and months. For information on specific programs, we encourage you to visit the websites of the organizations or government entities that are responsible for the relief.
Description of Program and Relief
Temporary Relief from Requirements under NYS Banking and Financial Services Law
On March 12, 2020, the Department of Financial Services (DFS) issued the following temporary relief to regulated entities and persons: First, any New York State regulated banking organization or entity may temporarily relocate any of their authorized place of business, and close any of their branch offices or locations if adversely affected by COVID-19, without complying with the prior notice or application requirements; Second, individuals at regulated entities working from home in light of COVID-19 remain subject to DFS oversight; Third, participation by board of directors via telephone or video-conferencing constitutes presence in person at a meeting; and Finally, deadlines for the following filings have been extended by 45 days: (i) Cybersecurity requirements compliance; (ii) Annual Reports and Comparative Statements; (iii) Annual Reports of licensed lenders; (iv) Quarterly Reports of budget planners; (v) Audited Financial Statements of budget planners; (vi) Annual Reports and Audited Financial Statements of check cashers; (vii) Volume of Operation Reports of mortgage bankers and mortgage brokers; (viii) Volume of Servicing Reports of mortgage loan servicers; (ix) Quarterly Financial Statements of virtual currency licenses; and (x) Annual Reports of student loan servicers.
Government or Lead Agency
Department of Financial Services.
Dates Available
March 12, 2020 until terminated by the Superintendent of Financial Services of the State of New York
Eligibility Requirements/Restrictions
Applies to all New York State regulated banking organizations and entities
Application Deadlines (If Applicable)
N/A
Contact for More Information
List of Additional Information
© 2021 Paul, Weiss, Rifkind, Wharton & Garrison LLP. This does not constitute legal advice and does not create an attorney-client relationship. In some jurisdictions, this publication may be considered attorney advertising. Past representations are no guarantee of future outcomes.