The division recommends licensees use existing plans to aid consumers during the crisis.
04/28/2022 2:00 P.M.
2 minute read
The New Mexico Financial Institutions Division (FID) is strongly encouraging licensees to work with consumers in response to the current New Mexico wildfires as well as any other crises or related natural disasters, according to a memo issued this week.
Consumers in New Mexico who are displaced due to evacuations or health-related conditions may not have access to their primary forms of identification, their ATM/debit cards, or other normal necessary means to access their funds during the evacuations and disaster scenarios, according to a memo from the FID.
“Additionally, if the current conditions persist, many hardworking New Mexicans may endure the impact and financial hardship stemming from evacuations, loss of income, and/or loss of property,” it states.
In the memo, FID Director Mark Sadowski said, “The FID recognizes that financial institutions likely have existing plans in place to aid customers/members during crises and is asking financial institutions to consider putting these plans into effect. I know each of your organizations take pride in the personal relationships you have established with your customers/members, and I am confident that you will continue to serve those relationships during your customer’s time of need. I feel it is important to draw your attention to the concerns of these individuals and ask for your consideration in aiding them in any way possible, while maintaining the overall safety of your financial institution.”
ACA International encourages members to use their judgment and discretion when contacting consumers who may be impacted by a state of emergency or natural disaster and consult with their counsel for guidance if needed.
Given the recent wildfires, it’s also a good time to review ACA’s tips for communicating with consumers during or after a natural disaster.
- Review your company’s disaster response and communications plan on a regular basis. If your company doesn’t have a plan, rally the team and create one.
- Debt collectors should work with their clients to determine how to service consumers faced with natural disasters and develop policies and procedures that prevent inconveniencing consumers during that difficult period.
- If you do reach a consumer affected by a natural disaster, proceed with compassion. Document their circumstances in the account notes and update contact information as accurately as possible with a temporary housing address and a working phone number.
The Consumer Financial Protection Bureau also has resources available to share with consumers impacted during a natural disaster or other emergency.
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