Division of Banking Guidance on Emergency Adjustments to
Earlier today (March 16, 2020), the IBA and leadership of the IDFPR Division of Banking discussed how Illinois banks and thrifts are assisting customers while protecting their employees and the public as the viral pandemic continues to spread. In particular, many institutions are adjusting their branch services in ways ranging from modifying hours, closing lobbies but not drive-thrus, providing services by appointment only, and declaring full branch closures.
The Banking Division’s leadership understands how it would be helpful to provide more formal guidance to the industry on these and other adjustments. However, the situation is rapidly changing by the day, if not the hour, and formal decisions involve myriad federal, state and local agencies. Consequently, they provided the IBA with the following informal guidance and encouraged us to share it with our members:
- It is not necessary for banks to request an official proclamation from the IDFPR to close lobbies, provided that the branch remains open in some manner (for example, by providing teller services through the drive-thru only).
- Although a proclamation is not necessary in these cases, the Division of Banking does ask that banks simply notify them of these branch-access changes.
- An official proclamation is necessary to fully close a branch or decrease branch hours.
- Generally speaking, the Governor’s office and the Division of Banking strongly encourage depository institutions to serve affected Illinois residents by providing access to bridge loans, repayment deferrals, overdraft waivers and other assistance, as appropriate.
We realize this guidance does not answer all of our members’ questions, and the IBA will continue to encourage the Division of Banking to consider issuing more specific written guidance on these and related issues going forward. We will continue to update you as we obtain more information.
Please Send Us Your Bank’s Responses to the Pandemic
We encourage all Illinois banks and thrifts to share with us information on how your organization is assisting your community during this time — including any deferment programs for existing loans, new loan programs for individuals and small businesses, and any offerings to noncustomers, particularly those in the service industry who are coping with lost income due to business closures. We also ask you to share with us any public website pages that outline your bank’s resources. We will use this information to create a banking-industry response website page to educate elected officials and the media on how our industry is helping Illinois businesses and consumers. Email your information to email@example.com.
Access the Latest Information through the IBA Coronavirus (COVID-19) Resource Page
Meanwhile, for the most up-to-date information from the federal banking agencies, the State of Illinois, and other pertinent sources, please visit our Coronavirus (COVID-19) Resource page. We are constantly updating this page with late-breaking developments and resources.