Certain government regulatory bodies have produced new guidance for financial institutions in light of the coronavirus (“COVID-19”) pandemic. The Federal Reserve Board, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, Consumer Financial Protection Bureau, National Credit Union Administration, and the Conference of State Bank Supervisors (known as the “Prudential Regulators”) have encouraged
In a split decision published on March 9, the United States Court of Appeals for the Ninth Circuit held in McAdory v M.N.S. & Associates, LLC and DNF Associates LLC that “an entity that otherwise meets the ‘principal purpose’ definition of debt collector under [under the Fair Debt Collection Practices Act] cannot avoid liability merely
In a recent ruling favorable to lenders and mortgage loan servicers, the Fifth Circuit of the United States Court of Appeals held that minor, inconsequential discrepancies in a pre-foreclosure notice of default (also sometimes called a “cure notice” or “pre-acceleration notice”) are insufficient grounds for setting aside a foreclosure sale in Texas.
Borrower-plaintiff Guilherme Casalicchio’s
Sen. Sherrod Brown (D-Ohio), ranking member of the Senate Banking Committee, and Rep. Maxine Waters (D-Calif.), chair of the House Financial Services Committee, have called for a pause in rulemakings from federal regulators unless they are designed to help during the coronavirus (“COVID-19”) outbreak.
Sen. Brown wants focus placed on “providing reliable guidance and responding
The Securities and Exchange Commission has announced that, in light of the challenges associated with the coronavirus (“COVID-19”), and particularly the difficulty associated with submission of comment letters, it will not take formal action before April 24 on a number of different proposed rulemakings with comment periods otherwise set to expire in March. Of course,
In efforts to address the spread of the coronavirus in the European Union, employers and public health authorities, among others, have been processing an increased volume of personal data. In response to this, data regulators from some member states have released guidance on how to collect, share, and use personal data, especially health data, in
Troutman Sanders has been closely monitoring the Centers for Disease Control and Prevention and other world authorities’ updates and recommendations regarding the novel coronavirus (COVID-19).
All Troutman Sanders’ lawyers and staff have been strongly encouraged to work remotely beginning Tuesday, March 17. Essential on-site services will be maintained in each office. We have no known
Another Circuit Court of Appeals has weighed in on the constitutionality of the Consumer Financial Protection Bureau’s structure, on the very day that the Supreme Court of the United States heard argument on the same question. In CFPB v. All American Check Cashing, Inc., et al, a divided panel of the Fifth Circuit held
The Safeguards Rule of the Gramm-Leach-Bliley Act of 1999 requires financial institutions to implement security programs in order to keep customer information secure. The Safeguards Rule also extends contractually to affiliates and/or service providers of those financial institutions, including possibly “finders” (i.e., entities charging a fee to connect consumers looking for loans to lenders).
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