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"Privacy and cybersecurity issues in 2020 – What to expect" by Amanda R. Lawrence, Elizabeth E. McGinn, and James C. Chou (Journal of Banking and Finance Law and Practice)
A steady drumbeat of data breaches and growing concern among consumers about how companies are using their personal information will keep regulators, policy-makers and private litigants focused on cybersecurity and privacy in 2020 and beyond. While Congress tentatively explores comprehensive...
Articles"CARES Act puts inspectors general back in the spotlight" by Daniel R. Alonso, Preston Burton, and Meredith Leeson (New York Law Journal)
Federal Inspectors General—the nation’s watchdogs over government agencies and government programs—are back in the news. First, the Coronavirus Aid, Relief, and Economic Security Act , received close attention not only for its $2 trillion infusion of taxpayer dollars into the U.S. economy, but also...
Articles"Battle over business interruption coverage already underway" by Fredrick S. Levin, Michael A. Rome, Ali M. Abugheida, and Eric Chiang (Law360)
Businesses across the country are reviewing their insurance policies to assess whether they have valid claims against losses suffered as a result of the COVID-19 pandemic and related government shutdown directives. Two types of insurance coverage are particularly relevant: business interruption...
Articles"Ruling on anti-hacking law may guide fair lending tests" by Jeffrey P. Naimon, H Joshua Kotin, and Frida Alim (Law360)
Regulators, consumer groups, academics and private litigants are grappling with the fair lending implications of the credit models powering the explosive growth in online lending by banks and financial technology firms. The U.S. District Court for the District of Columbia in late March concluded...
Articles"CRA reform plan is suddenly outdated" by Warren W. Traiger (American Banker)
Bank regulators were in the process of reshaping a 43-year-old community lending law when the coronavirus pandemic hit, prompting calls from bankers and community advocates alike to suspend rulemaking and revealing how inflexible the proposal could be amid a crisis. Even absent current economic...
Articles"Navigating digitized mortgage processes during Covid-19" by Valerie L. Hletko and Edward W. Somers (Law360)
The risks presented by the coronavirus pandemic have forced innovation in executing consumer contracts — and fast. Not least affected is the mortgage industry, which typically relies on in-person interactions for document execution to satisfy legal requirements and investor guidelines. Office...
Articles"E-oversight is more important than ever during Covid-19" by Thomas A. Sporkin and Meredith Leeson (Bloomberg Law)
Corporations determined to maintain employee productivity amidst the massive global shift to remote work triggered by the Covid-19 pandemic may not have given as much thought to a critical complication: How to oversee those employees and validate their ongoing compliance with policies, procedures,...
Articles"Paycheck Protection Program poses AML compliance challenges" by Daniel P. Stipano and Benjamin W. Hutten (Bloomberg Law)
Promised relief started flowing to small businesses recently under the $350 billion Paycheck Protection Program established by the Coronavirus Aid, Relief, and Economic Security Act, but many lenders releasing funds now face a substantial compliance burden: establishing an anti-money-laundering...
Articles"CARES congressional oversight: Scope and structure" by Preston Burton (Bloomberg Law)
The Coronavirus Aid, Relief, and Economic Security Act, signed in March 2020, enacted an unprecedented level of emergency government spending to provide public health relief and stabilize an economy damaged by the pandemic, and included oversight provisions to monitor how the $2 trillion is spent...
Articles"Op-ed: Prepare for the coronavirus scams: Learning from post-9/11 fraud" by Daniel R. Alonso (Daily News)
On the morning of Sept. 11, 2001, Beatrice Kaufman sat in her Hamptons house watching the Twin Towers collapse. Although she lived and worked in Manhattan, her 6,000-square-foot apartment was being renovated, so she stayed at her country home instead. But that did not stop her from filing papers...
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