Newsletters

04.21.20

COVID-19 Credit Reporting: State AGs Might Strictly Enforce FCRA Even Where CFPB Declines

Relaxed Fair Credit Reporting Act (FCRA) credit reporting enforcement during COVID-19? Not so fast, say 23 state attorneys general (AGs).


04.20.20

COVID-19 Warning to Mortgage Servicers

Just when you thought that federal agencies were softening their stance on enforcement during the crisis, the Consumer Financial Protection Bureau (CFPB) and the Federal Housing Finance Agency (FHFA) took a figurative shot across the bow.


04.14.20

Bank Secrecy Act Compliance Issues for Small-Business Lending Under the CARES Act

With many banks and credit unions electing to limit Paycheck Protection Program (PPP) loans to existing customers, many nonbank lenders are scrambling to fill the gap and take part in the $349 billion program prior to the end of the application period on June 30, 2020.


04.04.20

An Updated Practical Guide for Small Businesses to Obtain a Paycheck Protection Loan Under CARES Act

On April 2, 2020 and April 4, 2020, the Small Business Administration (SBA) issued unusual interim final rules (the Rules) providing further detail regarding Paycheck Protection Program loans under the CARES Act. The Rules will take effect immediately upon publication in the Federal ...


04.03.20

SBA Issues Interim Final Rule for Paycheck Protection Loans

On April 2, 2020, the Small Business Administration (SBA) issued an unusual interim final rule (the Rule) providing further detail regarding Paycheck Protection Program loans (PPP Loans) authorized under the CARES Act.


03.31.20

New Small Business Administration Paycheck Protection Program Information

The Treasury Department released additional information today regarding the Paycheck Protection Program that has been authorized under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).


03.30.20

Congressional Action—Lending Programs and Relief Provisions Under the CARES Act

On March 27, 2020, President Donald Trump signed into law the CARES Act, an approximately $2 trillion stimulus package to mitigate the adverse economic effects of the COVID-19 pandemic.


03.25.20

Feds, States Offer Guidance on Loan Modifications

Aiming to encourage financial institutions to accommodate borrowers affected by COVID-19, federal and state regulators issued an interagency statement on loan modifications.


02.27.20

CFPB: Debt Collectors, Consumers Receive Clarity on Time-Barred Debt

Proposing a specific limit on debt collectors but also providing a safe harbor for compliance, the Consumer Financial Protection Bureau (CFPB) has issued proposed regulations that would allow debt collectors to contact consumers about time-barred debt as long as the collectors disclose, in the ...


02.13.20

CFPB Under Fire: Executive Appointments and Enforcement Actions Rattle Legislators

Democratic legislators and consumer groups heavily criticized the Consumer Financial Protection Bureau (CFPB or Bureau) for a number of recent moves.