Covid-19 Thought Leadership & Analysis

"SEC flexes regulatory and enforcement muscles in pandemic markets" by Thomas A. Sporkin and Timothy J. Coley

The Securities and Exchange Commission is sticking to its three-fold mission of protecting investors, maintaining fair and orderly markets, and encouraging capital formation as it responds to the Covid-19 pandemic by issuing regulatory guidance on crisis-relevant market and capital issues,...

Clinton R. Rockwell interviewed in California Mortgage Bankers Association podcast

This podcast from the California Mortgage Bankers Association features an interview with Clinton R. Rockwell on a variety of topics surrounding the mortgage industry, including how Covid-19 is impacting the mortgage industry. Rockwell noted, “A lot of the guidance is solving a specific problem, or...

"Navigating digitized mortgage processes during Covid-19" by Valerie L. Hletko and Edward W. Somers (Law360)

The risks presented by the coronavirus pandemic have forced innovation in executing consumer contracts — and fast. Not least affected is the mortgage industry, which typically relies on in-person interactions for document execution to satisfy legal requirements and investor guidelines. Office...

Valerie L. Hletko, Edward W. Somers

Special Alert: Regulators provide important guidance on next wave of PPP funding

President Trump on April 24 signed the Paycheck Protection Program and Health Care Enhancement Act, adding $310 billion in funding to the $350 billion initially appropriated to the program under the Coronavirus Aid, Relief, and Economic Security Act. The Federal Reserve Board, Treasury Department,...

Preston Burton quoted in American Banker article, “Will Congress's coronavirus response watchdog have any teeth?”

Preston Burton was quoted on April 22, 2020 in an American Banker article, “Will Congress's coronavirus response watchdog have any teeth?” which discussed the Congressional Oversight Commission and the areas the panel will lack enforcement authority. Burton noted, “The panel lacks subpoena...

Moorari K. Shah extensively quoted in Law360 article, “Fintech to play central role in small biz lending efficiency”

Moorari K. Shah was extensively quoted on April 21, 2020 in a Law360 article, “Fintech to play central role in small biz lending efficiency,” which discussed the approval of well-established fintech companies as nonbank lenders in the Paycheck Protection Program (PPP). Shah noted, “Fintechs have...

"E-oversight is more important than ever during Covid-19" by Thomas A. Sporkin and Meredith Leeson (Bloomberg Law)

Corporations determined to maintain employee productivity amidst the massive global shift to remote work triggered by the Covid-19 pandemic may not have given as much thought to a critical complication: How to oversee those employees and validate their ongoing compliance with policies, procedures,...

Thomas A. Sporkin, Meredith Leeson

Special Alert: OFAC encourages humanitarian aid, promises consideration for Covid-19 compliance challenges

The Department of the Treasury’s Office of Foreign Assets Control recently took two actions to address the impact of Covid-19. First, OFAC issued a fact sheet that consolidates existing authorizations and guidance permitting humanitarian, agricultural, and medical aid to six jurisdictions subject...

"Paycheck Protection Program poses AML compliance challenges" by Daniel P. Stipano and Benjamin W. Hutten (Bloomberg Law)

Promised relief started flowing to small businesses recently under the $350 billion Paycheck Protection Program established by the Coronavirus Aid, Relief, and Economic Security Act, but many lenders releasing funds now face a substantial compliance burden: establishing an anti-money-laundering...

Daniel P. Stipano, Benjamin W. Hutten

Special Alert: The Fed’s Main Street Lending Program: Fitting relief for fintechs and nonbank lenders?

The Federal Reserve Board’s recently announced the Main Street Lending Program, intended to provide financing for a range of small and mid-sized businesses, may provide much needed federal relief for fintech firms and nonbank lenders that has otherwise been lacking. These firms generally have not...