Regulatory and Enforcement

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

The CFPB, OCC, FDIC, Federal Reserve, and NCUA have issued a joint statement “to specifically encourage” banks, savings associations, and credit unions “to offer responsible small-dollar loans to both consumers and small businesses” in response to the COVID-19 outbreak.  The statement builds on the March 19 statement issued jointly by the OCC, FDIC, and Federal

In this week’s podcast, we are joined by Richard Cordray whose book about his CFPB tenure, Watchdog, was recently-released.  Among other topics, Mr. Cordray shares what he considers to be his key successes and disappointments as Director, describes his relationship with the Trump Administration, responds to criticism of his use of the CFPB’s enforcement

The CFPB has issued its annual Fair Debt Collection Practices Act report covering the CFPB’s and FTC’s activities in 2019.

With regard to the CFPB’s debt collection rulemaking, in her opening message, Director Kraninger only references the Bureau’s May 2019 proposal.  She does not mention the Bureau’s supplemental proposal issued last month that would require

On March 13, following the declaration of a state of emergency by Nevada Governor Sisolak due to the COVID-19 outbreak, the state’s Department of Business and Industry (DBI) issued guidance that allowed collection agency employees to work from their residences even if a residence was not a location licensed with the DBI.  However, on March

Businesses such as banks and other financial institutions that are exempt from state-wide or local orders requiring business closures because they are considered “essential” or “life-sustaining” may want to consider providing letters to their employees regarding the business’s exempt status.

Employees of businesses that remain open who need to travel to and from their workplaces

On March 23, 2020, the FDIC’s Office of Minority and Women Inclusion (OMWI) announced that it will request 2019 diversity self-assessments from FDIC-regulated financial institutions.  The FDIC regulates insured state banks that are not members of the Federal Reserve System and insured state thrifts.  This year’s self-assessment application is presented on a new automated platform

The FDIC has issued a proposed rule setting forth the conditions it would impose and the commitments it would require to approve a deposit insurance application from an industrial bank or industrial loan company (collectively, ILC) whose parent company is not subject to consolidated supervision by the Federal Reserve Board (FRB).  The proposal is a

The Federal Communications Commission, on its own motion, has issued a Declaratory Ruling to address how the Telephone Communication Protection Act’s “emergency purposes” exception applies to calls relating to the COVID-19 pandemic.

The TCPA includes an “emergency purposes” exception to its general prohibition on making automated or prerecorded calls to a cellular telephone number without

Ballard Spahr’s Consumer Financial Services, Banking & Financial Institutions, and Mortgage Banking Groups are closely monitoring regulatory developments in connection with the coronavirus (COVID-19) crisis.  To provide one location where members of the banking and consumer financial services industries can access federal regulatory guidance and other information that relates to issues of particular concern to