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Financial Services Law Insights and Observations

House Financial Services Committee sends letter to trade associations regarding responses to Covid-19

Federal Issues House Financial Services Committee Consumer Finance Consumer Credit Covid-19

Federal Issues

On March 11, the House Financial Services Committee issued a letter to several institutions and trade associations stating its concern for citizens impacted by the pandemic in which it urged them to provide assistance.  In doing so, it said that “[i]t would be unfair if innocent borrowers were harmed through negative information on their consumer reports.  Once negative information is reported to consumer reporting agencies, these consumers are likely to see a reduction in their credit scores, which may limit their ability to access credit in the future.” The letter asked the entities to provide a written response no later than March 20 to describe what their member companies are doing to respond to Covid-19, including specifics on what accommodations the institutions are offering to affected consumers, including their own employees. 

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