Regulatory Alerts2020-03-20
Added · Updated
Bulletin 2926 - March 20, 2020
The guidance urges Connecticut licensed mortgage servicers to discuss borrower repayment abilities, waive late fees, and inform homeowners of forbearance and deferment options to mitigate foreclosure risks during the COVID-19 pandemic. Mortgage servicers are requested to align internal and external collection teams with these accommodation policies to ensure borrowers are aware of available relief. Additionally, the bulletin announces that The Guilford Savings Bank has filed to establish a full-service branch at 158 Washington Avenue in North Haven, CT, with a 30-day public comment period for the application.
State of Connecticut Department of Banking
The Department of Banking News Bulletin
Bulletin # 2926 - Week Ending March 20, 2020
This bulletin constitutes the only official notification you will receive from this office concerning any of the following applications. Any observations you may have are solicited. Any comments should be in writing to Jorge L. Perez, Banking Commissioner, Department of Banking, 260 Constitution Plaza, Hartford, CT 06103-1800. Written comments will be considered only if they are received within ten business days from the date of this bulletin.
COMMISSIONER ISSUES GUIDANCE
Commissioner Issues Guidance to CT Licensed Mortgage Servicers
Commissioner Perez issued guidance to Connecticut licensed mortgage servicers on how they can help homeowners in response to COVID-19. The guidance urges Connecticut licensed mortgage servicers to discuss borrower’s ability to make loan repayments at this time to mitigate any current or potential foreclosure actions consumers may face. Servicers should consider waiving late fees, and inform homeowners of forbearance plans they offer and any other deferment options that may be available to consumers. He also requests that mortgage servicers consider providing guidance to their internal and external collection teams regarding the servicers' policies at this time. The success of this effort and the ability for borrowers to benefit will be limited if employees, agents or other third parties of the servicers are not familiar or are not able to inform borrowers about possible accommodations.
STATE BANK ACTIVITY
Branch Activity
Section 36a-145 of the Connecticut General Statutes requires certain applications for a branch or limited branch at which loans will be made, address how the establishment of the branch will be consistent with safe and sound banking practices and promote the public convenience and advantage. Plans are submitted when such applications are filed and are available for public inspection and comment at the Department for a period of 30 days. Questions concerning branch activity should be directed to the Financial Institutions Division, (860) 240-8180.
DATE: March 19, 2020
BANK: The Guilford Savings Bank, Guilford
LOCATION: 158 Washington Avenue, North Haven, CT 06473
ACTIVITY-BRANCH TYPE: Filed to Establish Full Service Branch
Dated: Tuesday, March 24, 2020
Jorge L. Perez Banking Commissioner