InfoBytes Blog
Filter
Subscribe to our InfoBytes Blog weekly newsletter and other publications for news affecting the financial services industry.
Oklahoma regulator amends working from home guidance
On September 23, the Oklahoma Department of Consumer Credit extended, for the third time, its interim guidance to regulated entities on working from home (see here, here, here and here for previous coverage). The guidance sets forth data security standards that regulated entities must meet in order to satisfy the department guidance. The guidance also provides that the department will expedite and waive fees for change of address applications in the event that a licensed location is compromised by Covid-19 or is undergoing decontamination. The guidance was extended through October 31, 2020.
Oklahoma regulator extends working from home guidance
On September 23, the Oklahoma Department of Consumer Credit extended, for the fourth time, its interim guidance to regulated entities on working from home (see here, here, here, and here for previous coverage). The guidance sets forth data security standards for regulated entities with employees working from home and also provides that the department will expedite and waive fees for change of address applications in the event that a licensed location is compromised by Covid-19 or is undergoing decontamination. The guidance was extended through October 31, 2020.
Texas Office of Consumer Credit updates guidance for regulated lenders
On August 20, the Texas Office of the Consumer Credit Commissioner issued updated guidance, previously covered here, for regulated lenders navigating the Covid-19 crisis. The guidance: (1) encourages lenders to work with consumers, including by working out modifications to assist with payments, waiving fees and charges, suspending charged-off accounts, and suspending repossessions of collateral or foreclosure of real property, among other things; (2) reminds lenders of legal requirements for using electronic signatures; and (3) permits lenders to conduct regulated lending activity from unlicensed locations, subject to certain conditions. The guidance is in effect through September 30, 2020, unless withdrawn or revised.
Texas Office of Consumer Credit updates guidance urging motor vehicle sales finance licensees to work with borrowers
On August 20, the Texas Office of the Consumer Credit Commissioner updated its advisory bulletin urging motor vehicle sales finance licensees to work with consumers during the Covid-19 crisis (previously covered here, here, here, and here). Among other measures, the regulator urges licensees to increase consumer communication regarding the effects of Covid-19 for licensees, work out modifications for payment difficulties, waive certain charges, and suspend repossessions. The guidance also reminds licensees of legal requirements for using electronic signatures, and continues to permit licensees to conduct activity from unlicensed locations, subject to certain conditions. The guidance is in effect through September 30, 2020, unless withdrawn or revised.
Louisiana Office of Financial Institutions extends emergency declarations to non-depository entities
On July 24, the Louisiana Office of Financial Institutions extended emergency declarations for residential mortgage lenders, check cashers, bond for deed escrow agents and repossession agents, brokers and lenders licensed under the Louisiana Consumer Credit Law and Deferred Presentment and Small Loan Act, and pawnbrokers. The orders were previously covered here. Such entities are granted the authority to temporarily close licensed locations within Louisiana or to temporarily close and/or relocate to another location within the state. Mortgage loan originators are permitted to work from home, whether located in Louisiana or another state, even if the home is not registered with the LOFI. The declarations also provide instructions for notifying the LOFI of a temporary location change. The declarations will remain in effect as long as there is a public health emergency relating to Covid-19, or until rescinded or replaced.
Federal Reserve Board expands counterparties eligible to transact in facilities
On July 23, the Federal Reserve Board announced the expansion of counterparties eligible to transact with and provide services in the Term Asset-Backed Securities Loan Facility, Secondary Market Corporate Credit Facility, and Commercial Paper Funding Facility (previously discussed here, here, here, here). These facilities were created pursuant to section 13(3) of the Federal Reserve Act with the objective of increasing the movement of credit to households, businesses, and the economy.
Texas Office of Consumer Credit updates guidance urging motor vehicle sales finance licensees to work with borrowers
On July 17, the Texas Office of the Consumer Credit Commissioner updated its advisory bulletin urging motor vehicle sales finance licensees to work with consumers during the Covid-19 crisis (previously covered here, here, and here). Among other measures, the regulator urges licensees to increase consumer communication regarding the effects of Covid-19 for licensees, work out modifications for payment difficulties, waive certain charges, and suspend repossessions. The guidance also reminds licensees of legal requirements for using electronic signatures, and continues to permit licensees to conduct activity from unlicensed locations, subject to certain conditions. The guidance is in effect through August 31, 2020, unless withdrawn or revised.
Texas Office of the Consumer Credit Commissioner extends regulated lender advisory
On July 17, the Texas Office of the Consumer Credit Commissioner updated its Regulated Lender Advisory Bulletin on coronavirus emergency measures, previously covered here. The guidance: (1) encourages lenders to work with consumers, including by working out modifications to assist with payments, waiving fees and charges, suspending charged-off accounts, and suspending repossessions of collateral or foreclosures of real property, among other things; (2) reminds lenders of legal requirements for using electronic signatures; and (3) continues to permit lenders to conduct regulated lending activity from unlicensed locations, subject to certain conditions. The guidance is in effect through August 31, 2020, unless withdrawn or revised.
State Issues, Covid-19, District of Columbia, Consumer Credit, Credit Report, Consumer Finance
On July 7, the Kansas Office of the State Bank Commissioner again extended its remote work guidance for mortgage companies, mortgage loan originators, supervised loan licenses, credit service organizations, money transmitters, and credit notification registrations, previously covered here. With the update, working from home is permitted through September 15.
District of Columbia amends law relating to emergency credit alerts during Covid-19
On July 7, the mayor of D.C. signed D.C. Act 23-0332, which amends the Coronavirus Support Congressional Review Emergency Amendment Act of 2020, previously covered here, and certain other laws to, among other things, add provisions relating to emergency credit alerts. Under the amendments, a user of a credit report may not consider adverse information in a consumer report that was the result of an action or inaction by the consumer that occurred during, and was the direct or indirect result of, a public health emergency declared by the mayor, if the credit report includes an emergency credit alert.