While deposit account fraud can happen at any time, it is particularly likely to occur during times of economic stress. COVID-19 scams targeting deposit accounts are already running rampant; deposit litigation in response to these scams is certain to increase in the coming months. On Wednesday, April 15, 2020, from 12 p.m. to 1 p.m.
COVID-19
Regulatory and litigation risks to consumer financial services providers highlighted in Ballard Spahr webinar on COVID-19 crisis fallout
By Barbara S. Mishkin on
Our webinar yesterday, “Consumer Financial Regulatory and Litigation Fallout from the COVID-19 Crisis,” in which we were joined by special guest speakers Richard Cordray, former CFPB Director, and John Roddy, Partner at Bailey & Glasser and prominent plaintiffs’ class action lawyer, highlighted the regulatory and litigation risks the crisis is expected to create for members…
Major Paycheck Protection Program Developments Since the (Initial) Interim Final Rule
By Philip M. Dodd on
Posted in COVID-19, Small Business
The SBA’s initial Interim Final Rule addressing the CARES Act’s Paycheck Protection Program (“PPP”), released on April 2, and its revised Borrower Application Form and Lender Application Form for a PPP Loan Guaranty, released the same day, marked huge steps forward in moving the PPP towards launch. In particular, the Lender Application Form eliminated…
CFPB issues credit reporting guidance during COVID-19 pandemic
By Stefanie Jackman & Kim Phan on
The CFPB has issued a policy statement concerning COVID-19 considerations that will be relevant to how the CFPB chooses to exercise its supervisory and enforcement authority regarding compliance with the Fair Credit Reporting Act and Regulation V, especially in light of the CARES Act.
The CFPB states that it “understands that the current crisis impacts…
PA Attorney General launches “PA CARE Package” program
By Alan S. Kaplinsky on
Posted in COVID-19, Regulatory and Enforcement
Pennsylvania’s Attorney General Josh Shapiro announced this week that his office has launched “PA CARE Package,” a consumer relief program for PA consumers impacted by the COVID-19 pandemic.
The program is intended to implement and expand on the consumer protections provided by the federal CARES Act. The press release issued by the PA AG’s Office…
CFPB Postpones Certain Data Collections and Issues Guidance on Examinations, Supervision and Enforcement Approach During COVID-19 Crisis
By Lori J. Sommerfield on
On March 26, the CFPB issued three policy statements designed to provide flexibility to banks and financial services companies to allow them to focus on responding to customers in need during the COVID-19 pandemic.
First, in two separate policy statements, the CFPB announced that it is postponing certain industry data collection deadlines. Specifically, the Bureau…
Ballard Spahr to hold April 6 webinar: Consumer Financial Regulatory and Litigation Fallout from the COVID-19 Crisis, with Richard Cordray and John Roddy
By Barbara S. Mishkin on
Posted in COVID-19, Regulatory and Enforcement
How will regulatory agencies like the CFPB, FTC, and State Attorneys General react to the consumer financial impacts of COVD-19? What kinds of consumer litigation may be spurred by the crisis?
On Monday, April 6, 2020, from 12:00 p.m. to 1:00 p.m. ET, Ballard Spahr will hold a webinar, “Consumer Financial Regulatory and Litigation Fallout…
CARES Act includes provisions affecting financial institutions and their regulation: some key provisions
By Scott A. Coleman on
Posted in COVID-19, Regulatory and Enforcement
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) includes the following key provisions that affect financial institutions and regulation of financial institutions:
Section 4003 – Emergency Relief and Taxpayer Provisions
Section 4003 of the CARES Act generally authorizes the Treasury Secretary to make loans, loan guarantees, and other investments in support of eligible…
CARES Act includes provisions on credit reporting and student loans
By John L. Culhane, Jr. & Kim Phan on
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) includes the following provisions of particular interest to members of the consumer financial services industry:
Credit Reporting. Section 4021 (Credit Protection During COVID-2019) amends the Fair Credit Reporting Act to impose new COVID-19 related reporting requirements on furnishers of information to consumer reporting agencies. Under…
NYDFS emergency regulations require 90-day mortgage forbearance, waiver of ATM, overdraft, credit card late fees for borrowers demonstrating financial hardship from COVID-19
By Alan S. Kaplinsky on
In response to New York Governor Cuomo’s Executive Order 202.9 issued on March 21, the New York Department of Financial Services (DFS) has adopted new regulations to provide emergency relief to individuals who can demonstrate financial hardship as a result of COVID-19. The new regulations were promulgated as Part 119 to Title 3 of…