COVID-19 Guidance from State Bank Commissioner
Issued March 16, 2020
The Colorado Division of Banking (Division), a part of the Department of Regulatory Agencies (DORA), is committed to the safety and soundness of Colorado state-chartered financial institutions. The Division is monitoring developments regarding COVID-19 and its potential effects on state-chartered banks, trust companies, and the communities you serve. We are monitoring the impact of this pandemic on many levels, including the eventual economic impact.
As you know, we contacted you, or your staff, last week to ensure that you knew that your assigned caseload manager will be your primary point of contact during this event. We also asked that you provide contact information for your primary point person for COVID-19 issues. We are also asking that you notify us regarding any issues you may experience involving continuing operations, any unusual account withdrawals, FDIC insurance questions, or any other banking matter.
Regarding changing established business hours, as required by Banking Board Rule CB101.54 (E), please notify us (email is acceptable) of any changes to your banking hours, such as reduced or curtailed lobby hours, reduced hours or temporary closing of branches, or any other location. Also, you are authorized in Section 11-105-109(3) of the Colorado Revised Statutes to temporarily close one or more of your offices. Again, we ask that you notify us if this event is necessary.
Regarding currently scheduled and upcoming examinations, we will communicate directly with you, or your staff, and will coordinate with federal regulators as needed. The Division is prepared to adjust planned supervisory activities as events dictate, and will conduct as much of the examination as possible offsite. We will communicate by phone and email.
Further, the Colorado Division of Banking is committed to the continuity of our operations and services. Should the need arise, we are prepared to initiate temporary alternative operations that will ensure that operations are continuous while adhering to state and national health prevention recommendations.
Should you have other questions, do not hesitate to contact Deputy Commissioner Kara Hunter, Director of Examinations Mary Stanfield, your caseload manager, or me directly regarding any additional questions or concerns you may have.
We’ve also developed a list of resources intended to help financial institutions in their prevention planning and mitigation efforts. We are here to provide you support where and when we can.
- Ken Boldt, State Bank Commissioner