Covid-19 News & Analysis
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News items updated weekly on Thursday
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.
Fed’s Small Business Credit Survey shows Covid-19 challenges
Recently, the Federal Reserve Banks released the 2021 Report on Employer Firms covering findings from their small business credit survey (SBCS), which gathered insights from nearly 10,000 small businesses with fewer than 500 employees on challenges resulting from the Covid-19 pandemic, as well as...
InfoBytesCFPB delivers 2020 fair lending report to Congress
On April 14, the CFPB issued its annual fair lending report to Congress, which outlines the Bureau’s efforts in 2020 to fulfill its fair lending mandate, while protecting consumers against the resulting economic consequences of the Covid-19 pandemic. According to the report, the Bureau continued to...
InfoBytesIndustry group sues to stop Washington’s emergency rule banning credit scoring in insurance underwriting
According to sources, the American Property Casualty Insurance Association (APCIA) recently filed a lawsuit in Washington Superior Court in an attempt to stop an emergency rule issued last month by the Washington Insurance Commissioner, which bans the use of credit-based insurance scores in the...
InfoBytesCFPB proposes delaying effective date for recent debt collection rules
On April 7, the CFPB proposed to extend the effective date of two recent debt collection rules to allow affected parties additional time to comply due to the ongoing Covid-19 pandemic. The Notice of Proposed Rulemaking (NPRM) delays the effective date by 60 days of the two final rules issued under...
InfoBytesIllinois reissues and extends several Covid-19 executive orders
On April 2, Illinois Governor JB Pritzker issued Executive Order 2021-06 , which extends several previous executive orders through May 1, 2021 (previously covered here , here , here , here , here , here , and here ). Among other things, the order extends: (i) Executive Order 2020-07 regarding in-...
InfoBytesCFPB rolls back last year’s Covid-19 flexibilities
On March 31, the CFPB rescinded , effective April 1, the following policy statements, which provided temporary regulatory flexibility measures to help financial institutions work with consumers affected by the Covid-19 pandemic: A March 26, 2020, statement addressing the Bureau’s commitment to...
InfoBytesU.S.-EU release statement on Joint Financial Regulatory Forum
On March 24 and 25, EU and U.S. participants, including officials from the Treasury Department, Federal Reserve Board, CFTC, FDIC, SEC, and OCC, participated in the U.S.-EU Joint Financial Regulatory Forum to discuss topics of mutual interest, including those related to (i) “next steps” for Covid-...
InfoBytesTreasury issues emergency capital investment program FAQs
On March 30, the U.S. Treasury Department issued frequently asked questions to provide timely guidance concerning all aspects of the Emergency Capital Investment Program (ECIP). The FAQs cover issues regarding: The types of institutions eligible to participate in the ECIP; Submission of an ECIP...
InfoBytesNYDFS updates cybersecurity fraud alert
On March 30, NYDFS issued an updated cybersecurity fraud alert that warns of other techniques used in a widespread cybercrime campaign targeting public-facing websites. As previously covered in InfoBytes , the update stems from NYDFS’ February 16 cybersecurity fraud alert sent to regulated entities...
InfoBytesBiden extends PPP deadline
On March 30, President Biden signed the PPP Extension Act of 2021 , extending the covered period for the Paycheck Protection Program from March 31 to June 30. However, new loan applications will not be accepted after May 31.
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