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 Legislative & Executive Orders, Joint Guidance
- 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" and Joint Statement from Banking & Financial Services Commissioners (updated 3/25/2020)
- 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 27, 2020: Guidance on Appraisals (information included below)
- March 30, 2020: Colorado Secretary of State’s Office Enacts Remote Notarization Emergency Rules
Division of Banking
Division of Financial Services
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
DISEASE CONTROL / SECURITY
- Centers for Disease Control & Prevention (CDC)
- World Health Organization (WHO)
- DHS Cybersecurity and Infrastructure Security Agency (CISA)
- Colorado Department of Public Health & Environment (CDPHE)
Planning & Guidance
- CDC 2019 Novel Coronavirus Situation Summary
- 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
- 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.
- 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 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 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
- 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
- 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