Covid-19 Infobytes
California Department of Business Oversight will monitor licensees’ compliance with face covering guidance
The California Department of Business Oversight announced that it will monitor licensees’ compliance with face covering guidance issued by the California governor and the California Department of Public Health. All customers must be required to wear appropriate face coverings under circumstances...
InfoBytesMichigan regulator announces that annual regulatory assessment invoices have been emailed to insurers
The Michigan Department of Insurance and Financial Services (DIFS) announced that, in light of many offices working remotely during the Covid-19 outbreak, it has emailed invoices for annual regulatory assessments to licensed insurance companies. Previously, these invoices were typically mailed. As...
InfoBytesSBA releases PPP borrower information
On July 6, the Small Business Administration (SBA), in conjunction with the Treasury Department, released the business information of certain Paycheck Protection Program (PPP) loan recipients. For any loan over $150,000, the SBA data release includes business names, addresses, NAICS codes, zip...
InfoBytesFederal Reserve announces temporary revisions to Capital Assessment and Stress Testing Reports
On July 8, the Federal Reserve announced revisions to its Capital Assessments and Stress Testing Reports, Form FR Y-14A/Q/M; OMB No. 7100-0341. The temporary revisions implement changes in response to the Covid-19 pandemic, including the incorporation of data related to certain aspects of the CARES...
InfoBytesFHA expands Covid-19 loss-mitigation options
On July 8, the FHA announced additional home retention measures to assist homeowners with FHA-insured mortgages who are financially impacted by the Covid-19 pandemic. According to Mortgagee Letter 2020-20 , effective immediately, mortgage servicers are able to offer a new suit of loss mitigation “...
InfoBytesState Issues, Covid-19, District of Columbia, Consumer Credit, Credit Report, Consumer Finance
On July 7, the Kansas Office of the State Bank Commissioner again extended its remote work guidance for mortgage companies, mortgage loan originators, supervised loan licenses, credit service organizations, money transmitters, and credit notification registrations, previously covered here . With...
InfoBytesDistrict of Columbia amends law relating to emergency credit alerts during Covid-19
On July 7, the mayor of D.C. signed D.C. Act 23-0332 , which amends the Coronavirus Support Congressional Review Emergency Amendment Act of 2020, previously covered here , and certain other laws to, among other things, add provisions relating to emergency credit alerts. Under the amendments, a user...
InfoBytesHawaii regulator extends guidance permitting licensees to reduce office hours, temporarily close offices
On July 2, the Hawaii Division of Financial Institutions extended earlier guidance, previously covered here , that temporarily permits licensees with locations in Hawaii to reduce hours or close offices during Hawaii’s Covid-19 emergency period. Notice of temporary closure or relocation from...
InfoBytesCFPB’s semiannual report to Congress discusses Covid-19 response
On July 7, the CFPB issued its semiannual report to Congress covering the Bureau’s work from October 1, 2019, through March 31, 2020. The report, which is required by the Dodd-Frank Act, addresses, among other things, problems faced by consumers with regard to consumer financial products or...
InfoBytesFinCEN advisory warns of Covid-19 scams and money-mule schemes
On July 7, the Financial Crimes Enforcement Network (FinCEN) issued an advisory alerting financial institutions to potential indicators of Covid-19 imposter scams and money mule schemes (where actors impersonate federal government agencies, international organizations, and charities). The advisory...
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