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Secretary’s Letters are not intended as and do not constitute legal advice.  Please keep in mind that these letters contain generalizations regarding the applicable law discussed herein and are therefore not inclusive of all of the law’s provisions, conditions, exceptions, and details.  It is critically important for you to read the applicable law and seek guidance from your legal counsel regarding the effects of the law on your business operations. NOTE: most links on this page are to PDF documents.

Secretary's Letter on Cybersecurity (PDF)

The Department continues to work collaboratively with federal regulators, other states financial regulators, and other Commonwealth agencies to address cybersecurity challenges.

2015 Bank Holidays (PDF)

Trust Companies Assessment (PDF)
A letter from the Secretary of Banking and Securities announcing the Department’s regulation regarding the semiannual assessments on trust companies that will replace the existing assessment schedule.

2014 Bank Holidays (PDF)

Banking Law Modernization Package (PDF)
A letter from the Secretary of Banking and Securities regarding passage of Act 170, Act 171 and Act 172 of 2012, which update and modernize three banking statutes.

2013 Bank Holidays (PDF)

Changes in the Manner Entities May Institute Mortgage Foreclosures (PDF)
A letter from the Secretary of Banking and Executive Director of the PA Housing Finance Agency regarding the transition from the Act 91 Notice to the Act 6 Notice.

Confidentiality Provisions of the Department of Banking Code (PDF)
Discusses confidentiality provisions of the Department of Banking Code related to examination reports and enforcement proceedings.

Capital Purchase Program and Temporary Liquidity Guarantee Program (PDF)
Secretary's Letter regarding recently announced programs by the U.S. Treasury and FDIC to enhance the strength of financial institutions, foster market liquidity and promote market stability.

Mortgage Reform Laws  (PDF)
Provides detailed explanation of three bills signed into law by Governor Edward G. Rendell on July 8, 2008: Act 56 of 2008, House Bill 2179 (P.N. 4020), the new consolidated mortgage licensing bill (the “Mortgage Act”), Act 57 of 2008, Senate Bill 483 (P.N. 2163), which amends the Loan Interest and Protection Law (the “LIPL”), and Act 58 of 2008, Senate Bill 484 (P.N. 2251), which amends the Department of Banking Code (the “DOB Code”). 

Annual Audit of Trusts (PDF)
Deputy Secretary’s letter addresses acceptable means by which the required annual audit of trust activities of trust companies, bank and trust companies, and savings banks and savings associations that exercise trust powers may be accomplished, as required by Section 1407 of the Banking Code. 

Honoring Pennsylvania’s Holocaust Survivors (PDF)
Acting Secretary Victoria A. Reider sent a letter to chief executive officers of financial institutions across the state urging them to voluntarily waive fees for 456 Pennsylvanians who will receive cash settlements as a result of work by the International Commission on Holocaust Era Insurance Claims.

Optional Holiday in Recognition of Veteran's Day (PDF)
Letter announces that Pennsylvania state banking institutions and Pennsylvania national banks are hereby permitted to observe Monday, November 12, 2007, as an optional legal holiday in recognition of Veteran's Day. 

Volunteer Income Tax Assistance  (PDF)
The Pennsylvania Department of Banking joins with the Federal Deposit Insurance Corporation in urging you to consider ways that your institution might choose to participate in the IRS’ Volunteer Income Tax Assistance (VITA) program.

Fiduciary Activities (PDF)
Pennsylvania state-chartered trust companies, bank and trust companies, and savings banks and savings associations with trust powers may engage in fiduciary activities to the same extent as national banks without notice to the Department.

Improperly Influenced Appraisals (PDF)
The Secretary's Letter informs all lenders and brokers under the jurisdiction of the Department of the Department's concerns related to the use of improperly influenced appraisals.  Letter also addresses "builder exception" under the Mortgage Bankers and Brokers and Consumer Equity Protection Act.

Streamlined Call Report (PDF)
The Secretary's Letter discusses the Streamlined Call Report filing requirements.

Act 55 of 2001 Definition of Covered Loan Changes Effective October 1, 2002 (PDF)
The Secretary's Letter discusses that the Act 55 of 2001 definition of "Covered Loan" changes effective October 1, 2002; and that “Median Family Income” statistical estimates necessary for lenders to calculate (a) repayment ability of potential obligor under Section 512(b), and (b) whether negative amortization terms may be imposed on a potential obligor under Section 511(c), are now stated in the convenient chart attached to the letter.

Blocking Property & Prohibiting Transactions (PDF)
Secretary's Letter regarding President Bush's Executive Order Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit or Support Terrorism.

Act 55 of 2001, the Mortgage Bankers & Consumer Equity Protection Act (PDF)
Letter to announce Act 55 of 2001, the Mortgage Bankers and Consumer Equity Protection Act.  A summary of Act 55 is attached to the Secretary's letter.

Department's General Position on Internet Banking (PDF)

Bank Parity Bill (PDF)
Governor Ridge signed into law, as Act 89 of 2000, the Bank Parity Bill, HB 2533 of 2000 (P.N. 4073)

Year 2000 Readiness & Credit Underwriting Criteria (PDF)

Timely Correction of the "Year 2000 Problem" (PDF)