Covid-19 News & Analysis
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Spotlight: Buckley's Covid-19 Legal Resources & Capabilities
Buckley's core strengths sit at the confluence of the most threatening risks companies of every size and in every industry now face from the pandemic and the government’s response. We feature a deep bench of industry-leading legal professionals that provide best-in-class advice through a tailored, responsive approach that delivers the legal experience of a diversified law firm.
West Virginia extends remote working for depository and non-depository entities
The West Virginia Division of Financial Institutions extended , through September 1, 2020, its guidance temporarily permitting employees of regulated entities to work from home or some other remote location approved by the financial institution, whether in West Virginia or another state. The...
InfoBytesNew York extends expiration date of licenses issued by the Division of Licensing Services
Pursuant to Executive Order 202.11 (previously discussed here ), the Department of State, Division of Licensing Services, announced that any license issued by the division that expires after March 27, 2020, will remain in effect until September 5, 2020. Further, the announcement notes that the...
InfoBytesMoorari K. Shah quoted in American Banker article, “As lawmakers weigh PPP reforms, bankers want them to think big”
Moorari K. Shah was quoted on August 4, 2020, in an American Banker article, “As lawmakers weigh PPP reforms, bankers want them to think big,” which discussed the push for lawmakers to make improvements to the Paycheck Protection Program, including higher fees and interest rates, or a simplified...
In The NewsOCC allows extensions of CIF withdrawal period due to Covid-19
On August 4, the OCC issued an interim final rule , which clarifies the rules regarding account withdrawals from collective investment funds (CIF) in response to the Covid-19 pandemic. Specifically, under the OCC’s fiduciary activities regulation (12 CFR 9.18), a bank that is administering a CIF...
InfoBytesSBA issues new PPP loan forgiveness FAQs
On August 4, the Small Business Administration (SBA) issued new FAQs on Paycheck Protection Program (PPP) loan forgiveness. The FAQs note that borrowers and lenders may rely on the FAQs as the SBA’s interpretation of the CARES Act, the Paycheck Protection Program Flexibility Act (Flexibility Act),...
InfoBytesNew Jersey permits electronic applications for temporary resident insurance producer licenses
On August 3, the New Jersey issued Bulletin No. 20-28 , which permits qualified individual applicants seeking a temporary resident insurance producer license in New Jersey to submit the application for licensure electronically through the National Insurance Producer Registry (NIPR). Applicants also...
InfoBytesFFIEC discusses additional Covid-19 loan accommodations
On August 3, the member agencies of the Federal Financial Institutions Examinations Council (FFIEC) issued a joint statement on managing loan accommodations granted to borrowers pursuant to federal, state, and local law to address Covid-19 related hardships. Specifically, the statement provides...
InfoBytesHUD issues mortgagee letter extending interim procedures relating to FHA Section 232 approved mortgages
On July 31, 2020, the U.S. Department of Housing and Urban Development issued Mortgagee Letter 2020-25 , which extends interim procedures regarding site access issues related to Section 232 mortgage insurance applications during the Covid-19 pandemic (previously covered here ). The guidance...
InfoBytesFHFA extends policy allowing GSEs to buy mortgages in forbearance
On July 31, the Federal Housing Finance Agency (FHFA) announced an extension of a temporary policy that allows Fannie Mae and Freddie Mac (GSEs) to purchase “certain single-family mortgages in forbearance that meet specific eligibility criteria” due to the Covid-19 pandemic. The temporary policy is...
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