The regulatory guidance is in effect until further notice.
3/19/2020 14:00
The Iowa Division of Banking (IDOB) is working with licensees on options to work remotely following guidance from Gov. Kim Reynolds to help slow the spread of COVID-19.
ACA International is here as a resource for members during this time and beyond and continues to stay in touch with state and federal regulators to receive direct updates on guidance to help members.
According to the IDOB’s announcement:
While Iowa law generally requires that licensed mortgage bankers, mortgage brokers, mortgage servicers, mortgage loan originators, regulated and industrial loan companies, delayed deposit services businesses, and money services businesses conduct business only from a licensed location approved by the IDOB, this guidance (effective immediately and until further notice) expresses the intent of the IDOB to allow licensees and registrants, including licensed or registered mortgage loan originators, and their employees to work remotely from their residence or another location designated by the employer during the COVID-19 pandemic, even if the residence or designated location is not a licensed or registered location.
All other Iowa laws remain in effect, and it is still the responsibility of all licensed companies to oversee the activities of their employees and to conduct business in a manner that otherwise complies with all applicable Iowa laws during this emergency. All licensed companies must have temporary policies, procedures, and a plan for supervision of employees in place.
The IDOB suggests the following best practices for remote workers to ensure that all licensees maintain information security even while working from remote locations:
- Computers and devices that leave a licensee’s authorized location(s) should include at-rest encryption.
- If paper records containing confidential information are taken off the premises of a licensee’s authorized location(s), procedures must be established to secure that information at the offsite location.
- Connections to the licensee’s authorized location(s) or sensitive systems via any out-of-office device (e.g., laptop, desktop, phone, tablet) should be encrypted in transit by use of a virtual private network (VPN) or similar technology that requires a password or other form of authentication.
- Activity should be conducted in a private home environment, avoiding public areas such as coffee shops or libraries.
This guidance may be rescinded, amended, revised, or extended at any time and ACA will continue to monitor updates from states and stay in contact with regulatory offices on behalf of members.
These sites on ACA’s home page will be updated regularly with additional information:
COVID-19: What Arm Pros Need to Know
For more information on how the ACA Licensing staff can assist with your licensing needs, please contact us at [email protected] or call (952) 926-6547.