On April 21, the Federal Housing Finance Agency (“FHFA”) announced limits on servicer obligations to advance scheduled monthly principal and interest payments for single-family mortgage loans backed by Fannie Mae and Freddie Mac (the “Enterprises”). Once a servicer has advanced four months of missed payments on a loan, it will have
On April 27, the U.S. Supreme Court held that the federal government is on the hook for $12 billion it failed to pay insurers under the Affordable Care Act (ACA) risk-mitigation program known as the Risk Corridors Program. The decision, Maine Community Health Options v. United States, likely has significant implications for ongoing litigation
On April 22, the Supreme Court of Appeals of West Virginia issued another amended emergency order extending court deadlines. The order can be found here. The Court’s new order delays all court deadlines for matters scheduled to occur during the emergency period from March 23, 2020 to May 15, 2020 until May 18, 2020.
Earlier this month, twenty-one state attorneys general and the AGs for Washington, D.C. and Puerto Rico sent a letter to the Consumer Financial Protection Bureau (CFPB) urging the CFPB to withdraw its non-binding guidance issued on April 1, 2020 with respect to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The signatory AGs
On April 22, the United States Department of Justice announced an ongoing multi-agency, multi-jurisdictional offensive targeting hundreds of online scams and phishing, spoofing, and malware schemes related to the novel coronavirus (COVID-19) pandemic.1 Only days earlier, however, on April 20, the Supreme Court of the United States agreed to review an unrelated case brought
In an order issued on April 20, the Indiana Supreme Court has exercised its rulemaking authority to prevent creditors from being able to attach or garnish stimulus payments issued under the federal Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). See In re Petition to the Indiana Supreme Court to Engage in Emergency Rulemaking
Senators Sherrod Brown (D-Ohio) and Elizabeth Warren (D-Mass.) last week released a proposal for new consumer protection measures that they claim are critical to helping Americans weather the coronavirus (“COVID-19”) pandemic. Noting that the stimulus payments provided by the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) may not be enough to cover basic
On April 17, a class action complaint was filed by plaintiff Heather Sweeney against Life on Air, Inc. – creator of the video chat app Houseparty – and Epic Games, Inc. in the United States District Court for the Southern District of California. Epic is the company behind the popular video game, Fortnite, and acquired
On April 20, the Indiana Supreme Court issued a published order protecting coronavirus stimulus checks from court orders placing a hold on, attaching, or garnishing funds attributable to a stimulus payment. The order is available here.
Six days earlier, four entities had petitioned the Indiana Supreme Court to act under its emergency rulemaking authority
Like most industries today, consumer finance services businesses are being significantly impacted by the novel coronavirus (COVID-19). Troutman Sanders and Pepper Hamilton have developed a dedicated COVID-19 Resource Center to guide clients through this unprecedented global health challenge. We regularly update this site with COVID-19-related news and developments, recommendations from leading health organizations, and tools