Coronavirus Contingency Plan - UPDATE 3/23/2020
DATE: March 23, 2020
TO: Chief Executive Officer
FROM: Candace Franks, Bank Commissioner
SUBJECT: Coronavirus Contingency Plans – UPDATE – March 23, 2020
As we continue to navigate the COVID-19-Coronavirus pandemic, we want to provide timely and helpful information and guidance to our Arkansas state chartered banks.
Since my previous update, the federal agencies in concert with the Conference of State Bank Supervisors, released joint guidance to further communicate their encouragement for financial institutions to work with borrowers and customers affected by the pandemic. The link to the guidance is here:
In addition, on March 22, 2020, Treasury Secretary Steven Mnuchin issued a Memorandum stating that the financial services sector is a Critical Infrastructure Sector as identified by the Department of Homeland Security. The March 19, 2020 memorandum issued by the U.S. Department of Homeland Security-Cybersecurity & Infrastructure Security Agency is also included below. With this designation, financial services workers and banks are essential to ensuring continuity of critical functions to public health and safety, as well as economic and national security.
Furthermore, the Arkansas banking industry remains strong and banks continue to maintain healthy capital levels which exceed national averages. I know you and your staff will continue to communicate to your customers that banks are the safest place for customers to keep their money – FDIC-insured funds provide that protection.
I want to thank each of you and your institutions for continuing the long history of supporting the entire state and your local communities by providing economic support and stability. Your banks have continued to show their commitment to the State of Arkansas and the financial services industry during this public health emergency. I know you will be diligent and thoughtful in identifying ways to protect your employees while ensuring that all critical banking services remain available to the public, individual consumers and businesses.
The State Bank Department will remain operational and available to you by contacting our main office at 501-324-9019 or via email. Please do not hesitate to contact us if you have any questions or if you need assistance.
Candace A. Franks
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