Category Archives: COVID-19 (Coronavirus)

Subscribe to COVID-19 (Coronavirus) RSS Feed

How Is the COVID-19 Pandemic Impacting the Student Lending Industry?

Like the country and economy at large, the COVID-19 pandemic is significantly impacting secondary education and the student lending industry. In response to the pandemic, colleges across the country closed their campuses, sent students home, and turned to online learning platforms, creating uncertainty for current student borrowers. President Trump, Congress, and the U.S. Department of … Continue Reading

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 … Continue Reading

Credit Reporting During the COVID-19 Outbreak: Fannie Mae and the VA Offer New Guidance

We previously blogged about the push among lawmakers and regulators to encourage or force financial institutions to cease providing adverse credit reporting on consumer loans where the delinquency or default may be related to the outbreak of COVID-19. Given the rapidly changing environment, it is not surprising that there have been some material changes in … Continue Reading

HUD, Fannie Mae, and Freddie Mac Suspend Foreclosures and Evictions for 60 Days

During a COVID-19 press briefing at the White House on March 18, 2020, President Donald Trump announced that the Department of Housing and Urban Development (HUD) will temporarily suspend “all foreclosures and evictions.” The president made this announcement to provide “immediate relief” to homeowners and renters struggling to make rent and mortgage payments. The president’s … Continue Reading

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 … Continue Reading

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 … Continue Reading

Update March, 18 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 pandemic event due to COVID-19. This blog summarizes the updates that we … Continue Reading

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 … Continue Reading

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 … Continue Reading
LexBlog