NH COVID-19 Board Releases Impact Regulatory Reporting

New Hampshire Banking Commissioner Jerry Little has released a memorandum to regulated depository institutions, including credit unions, announcing the discontinuation of the Banking Department’s (“Department”) request for submission of Board-level impact reporting related to the COVID-19 pandemic.The Association hosted a member dialogue with the Department when the initial request for periodic reporting was first made to depository institutions in September of 2020. The Department provided insights into the reason for the data request, the types of data sought and the Department’s use of the confidential information provided.

As current industry conditions have changed, the Department now finds that discontinuation of the reporting requirement is warranted. Consistent with previous communications, credit unions are requested to notify the Department as soon as possible regarding business disruptions or other developments that have a significant impact on a credit union.

The Department’s memorandum discontinuing the reporting requirement may be found HERE.