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 issues circular on pandemic-affected borrowers
On June 25, the Department of Veterans Affairs issued Circular 26-21-10 , which provides an update for servicers on assisting borrowers who are affected by the Covid-19 pandemic. According to the circular, servicers should continue reporting the Electronic Default Notification with “National...
InfoBytesCertain FHA Covid-19 guidance to expire June 30
On June 22, FHA published an announcement with a reminder that certain relaxed Covid-19-related standards that had allowed for single-family lenders and servicers to limit face-to-face contact as part of the mortgage origination process for FHA loans would expire as intended on June 30. The...
InfoBytesFHFA further extends foreclosure moratorium
On June 24, FHFA announced that Fannie Mae and Freddie Mac (GSEs) will extend their moratorium on single-family foreclosures and real estate owned (REO) evictions until July 31. The current moratoriums were set to expire June 30. The foreclosure moratorium applies only to homeowners with a GSE-...
InfoBytesFinCEN recognizes law enforcement agencies for use of BSA data
On June 24, the Financial Crimes Enforcement Network (FinCEN) honored the recipients of its 2021 Law Enforcement Awards Program, which recognizes agencies that use Bank Secrecy Act (BSA) data provided by financial institutions to successfully pursue and prosecute criminal investigations. The awards...
InfoBytesCFPB provides update on housing insecurity during pandemic
On June 22, the CFPB issued a release with data updating its March report on the effects of the Covid-19 pandemic on housing insecurity, finding some improvement but still elevated risks for borrowers relative to prior periods. The report summarized data and research regarding the impact of the...
InfoBytesOFAC issues Covid-19 related general license and FAQs
On June 17, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued three general licenses, Iran GL N , Syria GL 21 , and Venezuela GL 39 , (referred to as the “COVID-19-related GLs”) to expand upon Treasury’s existing authorizations for Covid-19-related transactions and...
InfoBytesCFPB reports low delinquency rates despite Covid-19
On June 16, the CFPB released findings on delinquency trends for auto loans, student loans, mortgages, and credit cards. The post—the first in a series that will document consumer credit trend outcomes during the Covid-19 pandemic—examines how trends have evolved since June 2020. As previously...
InfoBytesCFPB publishes rulemaking agenda
On June 11, the Office of Information and Regulatory Affairs released the CFPB’s spring 2021 rulemaking agenda . According to a Bureau announcement , the information released represents regulatory matters the Bureau is “currently pursuing under interim leadership pending the appointment and...
InfoBytesSBA updates PPP FAQs
On June 8, the SBA updated its Paycheck Protection Program (PPP) frequently asked questions to clarify certain conditions related to whether a nonprofit organization that has received approval of an application for tax exemption from the Puerto Rico Departamento de Hacienda qualifies as a “...
InfoBytesVA updates loan repayment relief for Covid-19 borrowers
On June 3, 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 provides servicers with information regarding home retention options and foreclosure alternatives to use to assist borrowers...
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