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.
"Mortgage regulation developments: Qualified mortgage updates and Covid-19 assistance" by Sasha Leonhardt (ABA)
Throughout the past year, the Consumer Financial Protection Bureau (“CFPB”) continued to actively issue rules and other guidance applicable to the mortgage industry. This survey highlights recent developments related to qualified mortgages (“QM”), specifically the publication of four final rules...
ArticlesHUD offers 40-year mortgage modification
On April 18, HUD issued Mortgagee Letter 2022-07 , which establishes a 40-year loan modification as part of the Covid-19 Recovery Loss Mitigation Options. According to HUD, the new option is “designed to help those borrowers who cannot achieve a minimum targeted 25 percent reduction in the...
InfoBytesCFPB and FTC release 2021 FDCPA report
On April 15, the CFPB and the FTC released their annual report to Congress on the administration of the FDCPA (see announcements here and here ). The agencies are delegated joint FDCPA enforcement responsibility and, pursuant to a 2019 memorandum of understanding, may share supervisory and consumer...
InfoBytesCFPB addresses risks facing student loan borrowers when payment suspension ends
On April 14, the CFPB’s Office of Research released a special issue brief addressing risks facing student loan borrowers once federal Covid-19 payment suspensions end later this year. The report documented the status of millions of student loan borrowers during the pandemic and found that borrowers...
InfoBytesOCC says bank partnerships crucial in community reinvestment and resilience
On April 7, the OCC highlighted measures that banks can take to collaborate with community development financial institutions (CDFIs), minority depository institutions (MDIs), and other community-based groups to assist communities recovering from the Covid-19 pandemic and natural disasters. In the...
InfoBytesCFPB reports cover mortgage challenges, emergency savings
On March 23, the CFPB released two reports, New Data on the Characteristics of Mortgage Borrowers During the COVID-19 Pandemic and Emergency Savings and Financial Security : Insights from the Making Ends Meet Survey and Consumer Credit Panel . As previously covered by InfoBytes , the CFPB first...
InfoBytesOCC releases 2021 4Q mortgage performance results
On March 22, the OCC announced the release of the OCC Mortgage Metrics Report, Fourth Quarter 2021 , its quarterly report of the performance of seven national bank mortgage servicers representing 22 percent of all outstanding residential mortgages. As explained in the report, servicers initiated 1,...
InfoBytesSBA offers additional deferment for Covid-19 EIDL loans
On March 15, SBA extended the deferment period for the Covid-19 Economic Injury Disaster Loan (EIDL) program, to provide a total of 30 months deferment from inception on all approved Covid EIDL loans. The extended deferment of principal and interest payments on existing EIDL loans approved in...
InfoBytesFTC settles with online stock trading site
On March 8, the FTC announced a proposed settlement with an online stock trading site and its operators (collectively, “defendants”) for allegedly using earnings claims to mislead consumers into signing up for services, which led them into long-term subscription plans. The FTC filed a complaint in...
InfoBytesVA updates loan repayment relief for Covid-19 borrowers
On February 28, the Department of Veterans Affairs (VA) issued changes updating Circular 26-21-07 to address loan repayment relief for borrowers affected by Covid-19. The circular is “Change 2” of the original circular issued in June 2021, which, among other things, provided servicers with...
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