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New Jersey Gov. Phillip Murphy announced on March 28 that homeowners whose finances have been affected by the coronavirus (“COVID-19”) would get a 90-day reprieve on their mortgage payments.

According to the announcement, lenders must waive late fees and other expenses that a borrower would incur due to the grace period.

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

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

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

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 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

On February 25, the Federal Trade Commission – the nation’s primary privacy and data security enforcer – released its latest Privacy and Data Security Update, which summarizes the agency’s privacy and data security activities over the last year and provides a preview of what’s to come in 2020. Here are our top five takeaways

In many of the settlement agreements and stipulated orders in the FTC’s recently released 2019 Privacy and Data Security Update, the FTC repeatedly imposed a set of uniform mandates for businesses to implement following a data breach. Businesses subject to the new California Consumer Privacy Act may be able to use this mandate to

On February 27, 2020, the United States Court of Appeals for the Ninth Circuit issued its decision in Ramirez v. TransUnion LLC, a class-action case watched closely by consumer reporting agencies and other persons regulated by the Fair Credit Reporting Act (“FCRA”). In Ramirez, the Court held for the first time that all

On Friday, the Consumer Financial Protection Bureau (CFPB) published a supplement to its Spring 2019 notice of proposed rulemaking on third-party debt collection. The proposed supplemental rule addresses the collection of time-barred debt, which is debt that has run past any applicable statute of limitations.

Specifically, the proposed supplemental rule requires debt collectors to make