On March 26, federal regulators advised financial institutions to consider providing small-dollar loans to cash-strapped consumers during the coronavirus (“COVID-19”) pandemic. Although the guidance encouraged “responsible” lending that is “consistent with sage and sound banking practices and applicable laws, including consumer protection laws,” the joint-agency statement has been criticized by some consumer
As states shut down normal operations in response to the novel coronavirus (“COVID-19”), governors and state attorneys general across the country have offered guidance to local governments about how to balance state laws emphasizing open meetings, while these same officials are taking action to halt public gatherings. To date, 24 states have weighed in
On Wednesday, the “Coronavirus Aid, Relief, and Economic Security Act,” or “CARES Act,” passed in the Senate unanimously, 96-0, and now heads to the House of Representatives. The CARES Act is aimed at helping Americans and businesses affected by the coronavirus (“COVID-19”). While the majority of reporting has focused on the
On March 22, a bill to amend the Fair Debt Collection Practices Act was introduced in the Senate to expand consumer protections provided to debtors and small businesses during a major disaster or emergency—such as the current coronavirus (“COVID-19”) pandemic—beginning “1 day after the date on which a major disaster is declared by the President”
Please join Troutman Sanders attorneys, David Anthony, John Lynch, Ron Raether, Alan Wingfield, and Sadia Mirza for the Complimentary Webinar, “Quick Answers to Critical COVID-19 Compliance Questions for Financial Services Companies” on March 31st from 3-4 pm ET.
The coronavirus (COVID-19) has rapidly altered the legal and regulatory landscape on which
Today, a bipartisan group of 33 state attorneys general, led by Pennsylvania Attorney General Josh Shapiro, sent a letter urging online marketplaces to more rigorously monitor price gouging practices by online sellers using their services, insisting that these companies “have an ethical obligation and duty to help [their] fellow citizens in this time of need.”
On Monday, March 23, Democratic Sen. Cory Booker (N.J.) and Sen. Sherrod Brown (D-Ohio) introduced a measure that would suspend overdraft fees during the coronavirus (“COVID-19”) outbreak and other national emergencies. The Stop Overdraft Profiteering Act (the “Act”) would prevent banks from imposing overdraft fees for a six-month period following a national emergency or disaster.
The Department of Education announced today that it would defer collection actions on defaulted student loans for at least 60 days as part of the federal government’s overall response to the coronavirus (“COVID-19”) pandemic.
The most significant action mentioned in the announcement is a temporary halt to “Treasury offsets.” This powerful tool allows the Department
Privacy and cybersecurity should be considered as organizations think about how to tackle the effects of the coronavirus (“COVID-19”) outbreak. Questions to consider include: (1) What is considered “reasonable security procedures” when businesses are forced to abruptly shift to a remote workforce? (2) How should businesses balance employees’ privacy rights against the need to keep
On March 20, 2020 the FCC issued a Declaratory Ruling specifically outlining how calls and messages will be treated under the Telephone Consumer Protection Act (“TCPA”) with regard to the novel coronavirus (“COVID-19”). In its sua sponte Declaratory Ruling, The FCC exempted certain calls related to the COVID-19 pandemic from TCPA requirements – but only
