In response to the recent COVID-19 outbreak, Congress recently approved a $2 trillion stimulus package in an attempt to offset the potentially disastrous economic effects of COVID-19. Meanwhile, central banks are implementing increasingly drastic measures aimed at preserving the availability of capital during the looming recession, which appears increasingly imminent as the global economy remains
Federal Reserve Acts to Bolster Auto Finance, Credit Card, Student Lending Industries
In an action somewhat lost amidst the unprecedented $2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the Federal Reserve’s Board of Governors announced a series of five “extensive new measures” to provide liquidity for certain sectors of the nation’s economy. One of those liquidity facilities, the reintroduced Term Asset-Backed Securities Loan Facility
Coronavirus Economic Stabilization Act of 2020: Implications for Consumer Financial Services
On Friday, President Trump signed the Coronavirus Economic Stabilization Act of 2020 (CARES Act). The significant legislation directs more than $2 trillion into fighting the COVID-19 pandemic and stimulating America’s economy for the duration of the pandemic. This blog summarizes some of the provisions that are most relevant to financial institutions that make or service
Updates from 12 State Regulatory Agencies Regarding Coronavirus and Related Work from Home Issues
As regulatory agencies provide guidance regarding working from home for financial services professionals while the COVID-19 outbreak progresses, we summarized the additional guidance issued in the recent past and current as of March 24, 2020.
California Department of Real Estate Released Frequently Asked Questions Relating to COVID-19
The California Department of Real Estate’s Frequently Asked
What Will COVID-19 Relief Look Like and How Will It Affect Financial Services Companies?
Both parties have recognized the need for significant and immediate relief to assist consumers and small businesses affected by COVID-19. On March 18, 2020, Rep. Maxine Waters (D-CA), the chairwoman of the House Financial Services Committee, released plans for responding to the COVID-19 pandemic. At this point, the plans are merely a high-level list of
Four Additional States Issue New Guidance Relating to Working from Home; Massachusetts and New York Supplement Previous Guidance
As we continue to follow the trend of regulatory agencies providing guidance allow working from home for financial services professionals while the COVID-19 outbreak progresses, we summarized the additional guidance issued in the recent past and current as of March 19, 2020.
Colorado Department of Regulatory Agencies, Division of Real Estate Issued an Advisory on
COVID-19 Ripple Effects Are Coming – Lenders Must Get Ready
The coronavirus pandemic is affecting businesses large and small. Now is the time for lenders to prepare for its effect on business borrowers.
Industries Already in Distress
In February, a PricewaterhouseCoopers (PwC) report identified five industry sectors likely to see the greatest restructuring activity in 2020:
- Energy
- Retail
- Dining and food service
- Auto suppliers
- Specialty
How to Handle Credit Reporting for Consumer Loans That Are Delinquent or in Default Due to COVID-19 Related Delays
Although the major federal banking and consumer lending regulatory industries have issued a joint statement indicating “that financial institutions should work constructively with borrowers and other customers in areas affected by COVID-19,” there are open questions regarding whether financial institutions should change their normal policies and procedures for furnishing credit reporting information regarding the status
Update March 13, 2020: Financial Services Licensing and Compliance Obligations and COVID-19
As members of the financial industry prepare to meet the challenges associated with COVID-19, key government agencies have begun to offer guidance with respect to how their regulated financial institutions, including non-depositories, can meet their compliance obligations while balancing the realities of a potential pandemic event due to COVID-19. This blog summarizes the latest updates
Financial Services Licensing and Compliance Obligations and COVID-19
As members of the financial industry prepare to meet the challenges associated with COVID-19, key government agencies have begun to offer guidance with respect to how their regulated financial institutions, including non-depositories, can meet their compliance obligations while balancing the realities of a potential pandemic event due to COVID-19. This blog summarizes the updates that