COVID-19 and State Chartered Financial Institutions

The Division of Banking and the Division of Financial Services at DORA are regularly monitoring developments regarding COVID-19 and are in communications with their respective federal regulatory authorities and their state-chartered institutions. The divisions may also distribute specific guidance to its state chartered institutions, which will be emailed directly to those institutions and posted on this page. Additionally, COVID-19 related information regarding all DORA licensed professions, occupations and businesses can be found here.

All state-chartered or licensed financial institutions are encouraged to contact their respective division with any concerns regarding operations, examinations, deposits, and other supervisory or operational matters. The following resources are links to help financial institutions in their prevention planning and mitigation efforts. 


State Executive & Public Health Orders and Division Guidance

Stay up to date with all Colorado's executive orders, public health orders and ammended orders related to COVID-19 on the Safer at Home website


Division of Banking

The Division of Banking is responsible for the regulation of state-chartered commercial banks, trust companies, and state licensed money transmitters. As part of their charge, the staff conducts examinations of state-chartered institutions and licensees within their jurisdiction. The Division works closely with the Federal Reserve Bank and the Federal Deposit Insurance Corporation in the regulation of commercial banks and is responsible for the enforcement of the Public Deposit Protection Act to protect public entity deposits held by state and national banks.
 
Additional Guidance or Bulletins Regarding COVID-19:
 
Contact for non-sensitive information:
Phone: 303-894-7575
Fax: 303-894-7570  
For instructions on sending sensitive information, please visit the Division of Banking webpage. 
 
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Division of Financial Services

The Division of Financial Services is responsible for the regulation of state-chartered credit unions, savings and loan institutions and life care institutions. As part of their charge, staff conducts examinations of state-chartered institutions within their jurisdiction. The Division works closely with the National Credit Union Administration in the regulation of credit unions and the Federal Deposit Insurance Corporation in the regulation of savings and loan associations and is responsible for the enforcement of the Public Deposit Protection Act to protect public entity deposits held by state and federal savings and loan associations. The Division is responsible for the regulation of certain financial activities of life care institutions.
 
Additional Guidance or Bulletins Regarding COVID-19:
 
Contact for non-sensitive information:
Phone: 303-894-2336
Fax: 303-894-7886  
For instructions on sending sensitive information, please visit the Division of Financial Services webpage. 
 

Additional Resources

The Colorado Department of Public Health and Environment (CDPHE), based on the Governor’s directive, has issued as series of Public Health Orders which provides details of certain restrictions and safety guidance by broad industry type. CDPHE has developed the guidance and information from its Public Health Orders (PHO) by industry via the Safer at Home webpage.

 

CARES ACT

DISEASE CONTROL / SECURITY

Planning & Guidance


INDUSTRY/REGULATORY

 

APPRAISALS

The Appraisal Standards Board, Fannie Mae, Freddie Mac, and the Federal Insurance Deposit Corporation recently issued new guidance. The Foundation is compiling all coronavirus-related information on its Coronavirus and Appraisers: Your Questions Answered page at appraisalfoundation.org.

- ASB Provides Guidance on Interior Inspections and Modification of Standard Appraisal Forms
- Fannie Mae Issues Temporary Guidance on Appraisal Requirements and Completion Reports
  • Fannie Mae issued Lender Letter LL-2020-04 providing temporary guidance on appraisal requirements and completion reports, including allowing exterior-only and desktop appraisals for many transactions. Fannie Mae's Temporary Guidance
- Freddie Mac Allowing Temporary Exceptions to Appraisal Requirements
  • Freddie Mac is revising its appraisal inspection and reporting requirements. Freddie Mac will accept either an appraisal with an exterior-only inspection or a desktop appraisal under certain conditions. Freddie Mac's Temporary Appraisal Flexibilities 
- Federal Deposit Insurance Corporation Provides Guidance on Inspections and Appraisals

 

CONSUMER PROTECTION