NYDFS: COVID-19 Preparedness Plans To Be Required From Regulated Entities

By April 9, 2020, DFS requires that each regulated institution submit a response to DFS describing the institution’s plan of preparedness to manage the risk of disruption to its services and operations. Responses are to be submitted to the following designated email address: banking.covid19@dfs.ny.gov.

As noted by Shirin Emami (Executive Deputy Superintendent – Banking), an institution’s preparedness plan “should be sufficiently flexible to effectively address a range of possible effects that could result from an outbreak of COVID-19, and reflect the institution’s size, complexity and activities.”

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If you’d like further details, please contact the authors:

David J. Butler

Principal | New Jersey | New York

dbutler@bressler.com

Brian J. Ellis

Counsel | New Jersey | New York

bellis@bressler.com