New York Codes, Rules and Regulations
Title 3 - BANKING
Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT
Part 119 - Emergency Relief For New Yorkers Who Can Demonstrate Financial Hardship As A Result Of Covid-19
Section 119.1 - Statement of purpose

By Executive Order No. 202, issued March 7, 2020, Governor Andrew M. Cuomo declared a disaster emergency in the State of New York in response to the outbreak of COVID-19. COVID-19 presents a public health crisis and economic challenge to the State unprecedented in modern history. Responding to COVID-19 requires a coordinated effort by all New Yorkers. For many, COVID-19 presents an unexpected hardship that will strain their limited resources. The measures responsive to the disaster emergency, required to protect the health and safety of New Yorkers, limit the ability of many people to earn a livelihood. In recognition of the adversity many will face, Governor Cuomo issued, on March 21, 2020, Executive Order 202.9, directing institutions regulated by the Department of Financial Services (the department) to provide, under reasonable and prudent circumstances, financial relief to consumers in New York experiencing a financial hardship due to the COVID-19 pandemic.

The aim of Executive Order 202.9 and this regulation is to provide certain financial relief during this pandemic to those who can demonstrate a financial hardship as a result of the COVID-19 pandemic, subject to the safety and soundness of the regulated institutions. This regulation establishes standards and procedures that regulated institutions must follow in their review of requests for relief and determinations to provide financial relief to those experiencing financial hardship, consistent with the purposes of Executive Order 202.9, this regulation, and the safe and sound practices of the regulated institutions. Such relief is critical to help individuals and to limit the impact of this pandemic on the State's welfare and economy.