Regulatory Alerts2023-08-11
COVID-19: Temporary Guidance for Banks and Credit Unions
The Idaho Department of Finance issued temporary regulatory guidance for state-chartered banks and credit unions to address operational challenges posed by the COVID-19 pandemic through June 30, 2020. The guidance requires institutions to activate business continuity plans, prioritize essential functions, and adopt remote work capabilities while encouraging constructive engagement with affected borrowers. Regulators committed to expediting service availability requests, minimizing examination burdens, and taking a no-action stance on statutory requirements like annual meetings if good faith efforts were made to adapt to social distancing measures.
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