COVID-19 & State Chartered Financial Institutions

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

• July 21, 2020:  Amended Public Health Order 20-31 - "Face Coverings for Critical Businesses and Mass Transportation" 
• July 17, 2020 (Updated from May 12):  FAQ and Additional Guidance for Critical Financial Institutions Implementing Safer at Home Public Health Order 20-28  
• July 16, 2020:  Executive Order D-2020-138 - "Amending and Extending Executive Orders D 2020 039, D 2020 067, D 2020 092, and D 2020 110 Ordering Individuals in Colorado to Wear Non-Medical Face Coverings"
• May 15, 2020:  Banking & Financial Services Commissioners Statement Regarding Safer at Home Orders
• May 8, 2020:  Safer at Home Public Health Order (Second Amended Public Health Order 20-28)
• April 30, 2020:  Amending and Extending Executive Orders D 2020 012 and D 2020 031 Limiting Evictions, Foreclosures, and Public Utility Disconnections and Expediting Unemployment Insurance Claim Processing to Provide Relief to Coloradans Affected by COVID-19
• April 26, 2020:  Safer at Home Executive Order 2020-044
• April 17, 2020:   Critical Financial Institution Guidance on Credit Reporting and the CARES Act Amendment
• March 30, 2020:  Colorado Secretary of State’s Office Enacts Remote Notarization Emergency Rules
• March 27, 2020:  Critical Financial Institutions Guidance on Appraisals (information included below)
• March 25, 2020:  Banking & Financial Services Commissioners Statement for Critical Financial Institutions 
• March 23, 2020:  D-2020-13, "Ordering Colorado Employers To Reduce In-Person Workforce by Fifty Percent Due to the Presence of COVID-19 In the State" [Note: Financial institutions are exempted per CDPHE Public Health Order. Review the order for the complete list of exemptions.]
• March 20, 2020: Executive Order D-2020-12, "Order Limiting Evictions, Foreclosures, and Public Utility Disconnections and Expediting Unemployment Insurance Claim Processing to Provide Relief to Coloradans Affected by COVID-19" 

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:

• March 16, 2020 - State Bank Commissioner Guidance
• March 27, 2020 - Guidance for Money Transmitters
• April 8, 2020 - Clarification on Executive Order D-2020-012 

Contact for non-sensitive information:

Phone: 303-894-7575
Fax: 303-894-7570  
Email: DORA_BankingWebsite@state.co.us

For instructions on sending sensitive information, please visit the Division of Banking webpage.

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:

• March 10, 2020:  Business Continuity and Pandemic Response for Colorado State Chartered Credit Unions and Savings and Loan Institutions
• April 10, 2020:  PPP Guidance
• May 8, 2020: Safer at Home Guidance

Risk Alerts

• COVID-19 Impacts Credit Union Lending
• Coronavirus Stimulus Scams Surface Targeting Members

Contact for non-sensitive information:

Phone: 303-894-2336
Fax: 303-894-7886  
Email: DORA_FinancialServices_Website@state.co.us

For instructions on sending sensitive information, please visit the Division of Financial Services webpage.

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

• New SBA and Treasury Programs Available for Small Business Relief

• Treasury, IRS and Labor announce plan to implement Coronavirus-related paid leave for workers and tax credits for small and midsize businesses to swiftly recover the cost of providing Coronavirus-related leave

• Coronavirus Tax Relief

  • Economic impact payments: What you need to know

DISEASE CONTROL / SECURITY

• Centers for Disease Control & Prevention (CDC)
  • CDC Communication Resources 
  • CDC Details of Cases in the U.S.
• World Health Organization (WHO) 
  • WHO Advice for the Public
  • WHO Coronavirus disease (COVID-19) advice for the public: Myth busters
• DHS Cybersecurity and Infrastructure Security Agency (CISA)
• Colorado Department of Public Health & Environment (CDPHE) - See Colorado's COVID-19 Website

Planning & Guidance

• CDC 2019 Novel Coronavirus Situation Summary
• CDC Guidance for Businesses and Workplaces 
• CDC Business Pandemic Influenza Planning Checklist
• CDC State and Local Government Planning  
• CDC Travel Guidance
   
• FDIC Interagency Advisory on Influenza Pandemic Preparedness: Issued on March 15, 2006 by the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision
   
• WHO Checklist for Pandemic Influenza Risk and Impact Management: Building capacity for pandemic response
   
• OSHA COVID-19 Overview for Workers & Employers
  • OSHA Guidance for Preparing Workplaces 

INDUSTRY/REGULATORY

• FFIEC IT Examination Handbook: Business Continuity Planning Booklet, Appendix D: Pandemic Planning
   
• FFIEC IT Examination Handbook: Business Continuity Management Booklet
   
• FDIC FAQ for Financial Institutions
   
• OCC - Major Disasters: Interagency Examiner Guidance for Institutions Affected by Major Disasters
   
• ABA - Preliminary Coronavirus Financial Industry Common Practices
   
• CSBS - Federal, State Regulators Encourage Consumer Support During Coronavirus Crisis

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

• The ASB provides guidance on interior inspections during a national health emergency. In addition, the ASB has issued new guidance on modifying a “Standard” Appraisal Form with a Fixed Certification and Scope of Work. ASB Guidance on Interior Inspections and Modification of Standard Form 

- 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

• FDIC has compiled a list of FAQs, which answers questions about inspections (Answer # 12) and Appraisals (Answer # 13). FDIC Frequently Asked Questions

• DORA - Colorado consumers advised to be diligent about COVID-19 related scams
• FTC - Coronavirus:  Scammers follow the headlines
• Consumer Financial Protection Bureau:  Protecting Your Finances
• May 2020: Consumer Relief Guide – Your Rights to Mortgage Payment Forbearance and Foreclosure Protection Under the Federal CARES Act 
• March 30, 2020 Risk Alert: Coronavirus Stimulus Scams Target Credit Union Members
• March 30, 2020: Attorney General Phil Weiser warns about coronavirus relief check scammers
• April 2, 2020 Risk Alert: IRS issues warning about Coronavirus-related scams; watch out for schemes tied to economic impact payments