Covid-19 News & Analysis
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News items updated weekly; inclusive posting of state issuances suspended June 30, 2021, due to declining volume
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.
VA clarifies Covid-19 forbearance timeline
On September 19, the Department of Veterans Affairs issued a change to Circular 26-21-20 extending the rescission date to align with the end of Covid-19 pandemic, including conforming changes to VA’s expectation as to the completion of a forbearance period. As previously covered by InfoBytes , the...
InfoBytesFTC, DFPI shut down operation offering mortgage relief
On September 19, the FTC and the California Department of Financial Protection (DFPI) announced a lawsuit against several companies and owners for allegedly operating an illegal mortgage relief operation. (See also DFPI’s announcement here .) The filing marks the agencies’ first joint action, which...
InfoBytesDOJ fines bank in "first-ever" FCA settlement over PPP loan
On September 13, the U.S. Attorney’s Office for the Southern District of Texas announced an agreement with a bank to pay approximately $18,600 to resolve allegations that it violated the False Claims Act (FCA). This “is believed to be the nation’s first settlement with a Paycheck Protection Program...
InfoBytesWA Superior Court: Insurance commissioner overstepped in banning credit scoring in underwriting
On August 29, the Washington State Superior Court entered a final order declaring that the Washington Insurance Commissioner exceeded his authority when he issued an emergency rule earlier this year banning the use of credit-based insurance scores in the rating and underwriting of insurance for a...
InfoBytesDistrict Court dismisses EFTA claims concerning fraudulent transactions
On August 18, the U.S. District Court for the Eastern District of Michigan dismissed a class action alleging violations of the EFTA brought against a national bank on behalf of consumers who were issued prepaid debit cards providing Covid-19 pandemic unemployment insurance payments. Two of the...
InfoBytesFHFA updates FAQs and clarifies Covid-19 tenant protections
On August 25, FHFA updated its Frequently Asked Questions (FAQ) regarding Fannie Mae and Freddie Mac assistance options for families impacted by the Covid-19 pandemic. Additionally, FHFA revised its “Tenant Protections for Enterprise-Backed Rental Properties in Response to COVID-19,” which is...
InfoBytesDistrict Court dismisses EFTA claims over prepaid debit card fraud
On August 11, the U.S. District Court for the District of Maryland dismissed a putative class action alleging violations of the EFTA and state privacy and consumer protection laws brought against a national bank on behalf of consumers who were issued prepaid debit cards providing pandemic...
InfoBytesBiden signs bills providing 10-year SOL on PPP and EIDL fraud
On August 5, President Biden signed the Paycheck Protection Program and Bank Fraud Enforcement Harmonization Act (see H.R. 7352 ) and the COVID-19 Economic Injury Disaster Loan Fraud Statute of Limitations Act (see H.R. 7334 ). H.R. 7352 provides a 10-year statute of limitations for fraud by...
InfoBytesNYDFS releases best practices for promoting PSLF program and time-limited waiver
On July 13, NYDFS called on all federal student loan servicers to increase awareness of and enroll borrowers in public service loan forgiveness programs before a temporary waiver expires on October 31. NYDFS’s letter reminded servicers that under the Public Service Loan Forgiveness (PSLF) program,...
InfoBytesSBA says larger nonprofits eligible for PPP loan forgiveness
On July 8, the SBA added question #71 to its Paycheck Protection Program (PPP) frequently asked questions clarifying whether 501(c)(3) nonprofit organizations with more than 500 employees are eligible for PPP loan forgiveness. SBA explained that while the CARES Act generally provided that “501(c)(3...
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