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.
Biden 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...
InfoBytesFHA expands mortgage eligibility for Covid-affected borrowers
On July 7, FHA announced expanded mortgage eligibility for qualifying borrowers who previously experienced employment gaps or loss of income due to the Covid-19 pandemic. Under Mortgagee Letter (ML) 2022-09 , salaried and hourly wage-earners, as well as self-employed individuals impacted by a Covid...
InfoBytesN.J. appeals court says debt collector may file suit during the pandemic
On June 29, the Superior Court of New Jersey, Appellate Division affirmed a lower court’s granting of summary judgment in favor of a plaintiff debt collector in an action over whether a suit could be filed during the Covid-19 pandemic despite a clause in an agreement with the original creditor that...
InfoBytesFHA issues temporary partial waivers for specific HECM policies
On June 23, FHA announced FHA INFO 2022-64 to issue the following temporary partial waivers to its Home Equity Conversion Mortgage (HECM) policies for senior homeowners impacted by the Covid-19 pandemic who continue to experience significant financial difficulties. Specifically, the first temporary...
InfoBytesCFPB releases HAF flyers in multiple languages
On June 9, the CFPB released Homeowner Assistance Fund (HAF) informational flyers in English, Spanish, Chinese, Vietnamese, Korean, Tagalog, and Arabic. As previously covered by InfoBytes , the HAF program was created to provide direct assistance to consumers for mortgage payments, property...
InfoBytesCFPB reports on consumer financial well-being
On June 7, the CFPB published a “Data Spotlight” report regarding financial well-being of consumers between 2017 and 2020. In September 2017, the CFPB published its first report on Financial Well-Being in America, which found a wide variation in how people feel about their financial well-being. The...
InfoBytesTreasury issues 2022 national illicit finance strategy
On May 13, the U.S. Treasury Department issued the 2022 National Strategy for Combatting Terrorist and Other Illicit Financing (2022 Strategy). As required by federal law, the 2022 Strategy describes current U.S. government efforts to combat domestic and international illicit finance threats from...
InfoBytesCFPB report finds variance in mortgage servicers’ pandemic response
On May 16, the CFPB released a report examining data collected across 16 large mortgage servicers from May through December 2021 on the servicers’ responses to the Covid-19 pandemic. According to the Bureau, there is significant variation in how servicers collected information on borrowers’...
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