DBFI Resources and Response to COVID-19

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MONTANA COVID-19 UPDATES

Updated June 24, 2020

Live Accordion

State Chartered Banks

Branch closure requirements due to COVID-19 are allowed by the Commissioner’s Proclamation and do not need to follow the standard processes for emergency and temporary branch closures. See the March 19, 2020 Supervisory Memorandum above for FAQs regarding branch closure and change in hours notifications. 

State Chartered Credit Unions

Non-Depository Licensees

  • Due to the health risk associated with COVID-19, the Division is temporarily allowing licensed mortgage loan originators (MLO), loan processors, and underwriters to work from home, whether located in Montana or another state, even if the home is not a licensed branch. All other provisions of the Montana Mortgage Act remain in place. While it is up to the company and the MLO to decide whether consumers go to MLO licensed branch homes, if MLOs work from an unlicensed branch home, they must not have consumers come to the home. Additionally, these following data security measures must be followed: 
    • The licensed MLO must be able to access the licensed mortgage company's secure origination system (including a cloud-based system) directly from any out-of-office device that mortgage loan officer uses, using a virtual private network (VPN) or other similar system that requires passwords or other forms of authentication to access. 
    • All security updates, patches, or other alterations to the device's security must be maintained. 
    • Physical business records are maintained at the books and records location that is on file with the Division. 

This guidance also applies to other non-depository licensees and their employees. Questions about this may be sent to mortgagelicensing@mt.gov.

  • The Division is sensitive to the challenges that COVID-19 has created for our licensees. Please know that staff will be responsive to reviewing extension requests and other appropriate forms of regulatory relief arising from service and staff disruptions related to COVID-19. The Division is adhering to the NMLS COVID-19 related policy changes for certain report filings. The Division encourages its licensees to file the applicable reports as soon as possible. Please make note of the following 30-day extensions as outlined below. 
Name of Report Current Report Due Date Extended Report Due Date
MCR Q1 2020 May 15, 2020 June 14, 2020
MCR Standard Financial Condition 90 days from end of the company's fiscal year 120 days from end of the company's fiscal year
Financial Statement 90 days from end of the company's fiscal year 120 days from end of the company's fiscal year

 

Temporary Emergency Rule Notices

ARM 2-59-597 - Notice of Adoption of Temporary Emergency Rule - Effective March 24, 2020 - Related to escrow businesses, mortgage services, and mortgage license applicants

ARM 2-59-598 -Notice of Adoption of Temporary Emergency Rule - Effective April 2, 2020 - Related to Virtual Annual Meetings for State Chartered Banks and Credit Unions

ARM 2-59-599 - Notice of Adoption of Temporary Emergency Rule - Effective April 24, 2020 - Related to Waiver of First Semiannual Assessment for Banks and Supervisory Fee for Credit Unions

Information from Federal Financial Regulators

Information from State Agencies

Resources for Businesses

Travel Notices

Educational Materials and Flyers

Technology Based Notarization

Division FAQs on the Montana Loan Deferment Program

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