The Democrats on the House Financial Services Committee are pushing their proposed package of bills aimed at responding to the coronavirus (“COVID-19”) pandemic. This time around, they are supporting the bill that would place a moratorium on debt collection activities for the duration of the pandemic.
A May 5 release from the Democrats on the
On May 13, the Consumer Financial Protection Bureau released two new FAQ documents outlining responsibilities of certain financial firms during the coronavirus (“COVID-19”) pandemic, and a statement regarding billing error responsibilities of credit card issuers and other open-end non-home secured creditors.
The first new FAQ document is entitled, “The Bureau’s Payments and Deposits Rules FAQs
On May 14, the Consumer Financial Protection Bureau reached an $18 million settlement with mortgage lender Monster Loans (a/k/a Chou Team Realty LLC) and several individual, related entities to resolve allegations that they impermissibly and duplicitously obtained credit reports for their associated student loan debt-relief companies, which, in turn, used the consumer reports to deceptively
On March 30, several financial service providers filed a petition with the Federal Communications Commission asking for clarification on the Telephone Consumer Protection Act’s emergency purposes exception in the context of the coronavirus (“COVID-19”). The comment period on that petition closed this week, with a further reply date of May 21, 2020. This follows the
The status of the Louisiana Public Service Commission’s (“Commission”) potential enforcement of the available emergency measures pursuant to the Do Not Call General Order (Docket No. R_29617, decided Oct. 11, 2006) (“DNC Order”) has been unclear. While these emergency measures generally have been imposed during prior emergencies, they presently remain unimplemented despite Governor John Bel
Overview
Earlier this week, the Consumer Financial Protection Bureau issued an interpretive rule intended to “make it easier for consumers with urgent financial needs to obtain access to mortgage credit more quickly in the middle of the [coronavirus] COVID-19 pandemic.” The rule clarifies how the right of consumers to waive certain protections provided in the
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.
The Consumer Financial Protection Bureau has released a video, available here, providing non-filers of federal tax returns with guidance to receive their economic impact payments, authorized by the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) in response to the coronavirus (“COVID-19”) health crisis.
The video notes that most people who qualify for
The Consumer Financial Protection Bureau issued a final Home Mortgage Disclosure Act (“HMDA”) rule amending Regulation C to adjust institutional and transactional coverage thresholds for closed-end mortgage loans and open-end lines of credit. The final rule permanently raised the threshold to report closed-end mortgage loans from 25 to 100 originated loans in the previous two
In July 2019, the Consumer Financial Protection Bureau and the Federal Reserve Board published a final rule on inflation-based adjustments to the dollar amounts under Regulation CC. As a reminder, the increased dollar amounts become effective July 1, 2020.
The Dodd-Frank Act requires adjustments every five years, calculated by the annual percentage increase in the
