NYDFS Provides Temporary Relief Concerning In-Person and Shareholder Meetings

The New York State Department of Financial Services ("NYDFS") provided temporary regulatory relief for New York-chartered financial institutions concerning (i) conducting in-person meetings and (ii) holding annual stockholder meetings. In response to the COVID-19 pandemic, the NYDFS Order allows New York-chartered financial institutions to:

• conduct required meetings virtually during the disaster emergency period and for 60 days thereafter, provided that all individuals can hear each other at the same time; and

• hold annual stockholder meetings within seven months of the beginning of an institution's fiscal year-end if the institution's prior deadline for the stockholder meeting occurs during the disaster emergency.