Last Friday, the North Carolina Department of Insurance issued an order and bulletin enacting emergency provisions that require debt collectors – including debt buyers – to provide North Carolinians with the option of deferring payments that are due during North Carolina’s major disaster proclamation. The Department provided an amended order on Monday, March 30.
We are pleased to announce that Troutman Sanders attorney, David Anthony, will present during the RMAi’s webinar, “Updating Your Policies in COVID-19” on April 1, 2020 at 9:00 a.m. PT. This hard hitting webinar will cover effective application of your existing dispute, settlement, and other operational policies during this pandemic.
For additional information and
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
General
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) created a new program within the U.S. Small Business Administration’s (SBA’s) flagship 7(a) Loan Program called the “Paycheck Protection Program” (PPP). Under the PPP, SBA will guarantee 100 percent of the amounts loaned by participating lenders to certain U.S. small businesses, nonprofit organizations, veterans
Overview
President Trump today signed into law H.R. 748, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), a $2 trillion relief measure. Title IV, the economic stabilization portion of the CARES Act, contains three sections which dramatically affect businesses in the consumer financial services space. These sections include a foreclosure moratorium on federally-related
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
Today, Massachusetts Attorney General Maura Healey issued a sweeping emergency regulation instituting a prohibition on debt collectors making outbound debt collection calls or pursuing other debt collection practices as a result of the coronavirus (“COVID-19”) health crisis. These rules take effect on March 28, and end when either of the following occurs: (1) 30 days
Following Gov. Mike Dewine’s declaration of a state of emergency due to the coronavirus (“COVID-19”) pandemic, Ohio legislators have introduced numerous emergency measures to address the public health and economic crises facing the State. This includes a bill introduced on March 25 by Rep. Thomas West (D-Canton), which would require creditors and debt collectors to
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