What are “Essential” Consumer Financial Services Businesses

Each day, new jurisdictions (states, counties, and cities) issue orders for businesses to cease operations and for their residents to stay at home. The orders typically exempt “essential businesses,” including at least certain businesses and workers in the financial sector. Those jurisdictions recognize that consumer financial services businesses provide essential access to deposits, credit, and payment systems. Often, though, the orders’ terminology is nonspecific with regard to the specific types of businesses that are essential, so in many cases the exact parameters for the exemption in each jurisdiction are not clear.