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Financial Services Law Insights and Observations


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  • Virginia regulator extends procedural orders requiring electronic service and filing

    State Issues

    On May 11, the Virginia State Corporation Commission issued an order extending its earlier procedural orders that modify its operating and service of order procedures to permit electronic service of commission orders and electronic filing of certain business documents (previously covered here).

    State Issues Covid-19 Virginia Fintech

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  • States offer relief to student loan borrowers not covered by CARES Act

    Federal Issues

    On April 23 and 21, nine states announced a multi-state initiative to provide student loan relief options for borrowers with privately held student loans not covered by the CARES Act. California, Colorado, Connecticut, Illinois, Massachusetts, New Jersey, Vermont, and Washington outlined within their announcements specific measures for borrowers with commercially-owned Federal Family Education Loan Program loans and borrowers with private student loans who are struggling to make payments due to the Covid-19 pandemic. The announcements also noted that Virginia is participating in the initiative as well. These relief options, offered in conjunction with the listed private student loan servicers, include (i) a minimum 90-days of forbearance relief; (ii) a waiver of late fees; (iii) no negative credit reporting; (iv) a 90-day moratorium on collection lawsuits; and (v) enrollment in applicable borrower assistance programs, such as income-based repayment. The states cautioned that enrollment in these relief options is not automatic, and recommended borrowers contact their student loan servicer to see what options best suit their needs.

    In addition, California, Colorado, Connecticut, New Jersey, Vermont, and Washington recommended that regulated student loan servicers with limited ability to take these actions due to investor restrictions or contractual obligations “should instead proactively work with loan holders whenever possible to relax those restrictions or obligations.”

    Federal Issues Student Lending State Issues State Regulators Covid-19 CARES Act Colorado Connecticut Illinois Massachusetts New Jersey Vermont Washington California Virginia

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  • Virginia legislature approves foreclosure relief for residential homeowners and renters

    State Issues

    On April 22, the Virginia state legislature reenrolled HB 340, which provides foreclosure relief to residents affected by the Covid-19 crisis. The reenrolled bill expands protections previously extended to federal workers furloughed by a government shutdown to all residents during the pandemic, including a 30-day stay on foreclosure proceedings for owners of residential housing and a 60-day stay on detainers for nonpayment of rent.

    State Issues Covid-19 Virginia Foreclosure Consumer Finance Mortgages

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  • Virginia regulator requires electronic filings

    State Issues

    On March 19, the State Corporation Commission issued a news release and order directing all business with the Commission to be handled through electronic filing systems, email, or by telephone during the current national Covid-19 health emergency. In addition, the Clerk’s Office will not be open to the public for in-person visits (although drop-offs are permitted) but will continue to receive and process documents, pleadings, and filings as required by law and the Commission’s rules. The order advises that the emergency directives will remain in effect until May 15, 2020 unless such date is extended by a Commission’s Order.

    State Issues Covid-19 Virginia

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  • Virginia State Corporation Commission certifies financial services workers as critical infrastructure workers

    State Issues

    On March 24, the Virginia State Corporation Commission certified certain financial services workers as critical infrastructure workers. This includes those who (i) process, and maintain for processing, financial transactions and services, such as payment, clearing and settlement services, wholesale funding, insuarance servcies, and capital markets activities; (ii) provide consumer access to banking and lending services; (iii) support financial operations; and (iv) key third-party providers who deliver core services.   

    State Issues Virginia Covid-19

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