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
On March 22, the Board of Governors of the Federal Reserve System (“FRB”), Federal Deposit Insurance Corporation, National Credit Union Administration, Office of Comptroller of the Currency, Consumer Financial Protection Bureau, and the Conference of State Bank Supervisors (collectively, “the Agencies”) issued an interagency statement, available here, providing guidance for lenders on how to
On March 13, two days after the World Health Organization announced that the coronavirus (“COVID-19”) outbreak could be characterized as a pandemic, the White House declared the outbreak a national emergency.
In response, the Consumer Data Industry Association (“CDIA”) provided guidance for lenders and creditors who report information about consumers whose accounts are
The Supreme Court of Appeals of West Virginia issued an administrative order on Sunday, March 22 that covers public health and safety concerns related to the coronavirus (“COVID-19”). In it, the Court recognizes “the current COVID-19 crisis creates an unprecedented public health emergency that requires immediate action to encourage effective social distancing and reduce the
As the coronavirus (“COVID-19”) epidemic and its impact on the United States market continues to evolve, the Financial Industry Regulatory Authority, Inc. is granting “temporary” relief to broker-dealers and registered securities firms in its issuance of Regulatory Notice 20-08, reminding FINRA-member firms of their business continuity planning duties and obligations during the pandemic. Specifically,
Freddie Mac announced on March 18 that it is taking action to protect those affected—either directly or indirectly—by the coronavirus (“COVID-19”) pandemic. Freddie Mac announced a nationwide suspension of all foreclosure sales and evictions of borrowers living in homes owned by the company.
It also announced additional mortgage relief options, including an expansion of its
As the education sector continues to respond to the coronavirus (“COVID-19”) pandemic, on March 30, United States Secretary of Education Betsy DeVos announced several initiatives designed to bring “meaningful relief” to students and families.
First, all federal student borrowers can ask their loan servicers to temporarily postpone their payments.
Additionally, if a borrower is more
