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On April 15, the OCC released a statement addressing the Federal Emergency Management Agency’s (FEMA) extension to the grace period for renewing flood insurance policies from 30 days to 120 days due to the Covid-19 pandemic. FEMA’s guidance in Bulletin W-20002 relates to National Flood Insurance Program policies with expiration dates from February 13, 2020 to June 15, 2020, and states that coverage will not lapse if the policy premium is paid prior to the end of the extended grace period. FEMA’s bulletin indicates that the payment grace period was extended “to allow additional time for policyholders who may be struggling financially during this unprecedented time to pay insurance premiums by ensuring that their policies are not canceled for nonpayment of premium due to circumstances beyond their control.” Likewise, the OCC statement “recognizes the serious impact the COVID-19 emergency may have on consumers” and conveys that it will not take enforcement or supervisory action against banks for “reasonable delays in complying with” the OCC’s force placement of flood insurance regulations. The OCC reminds banks that if flood insurance is force placed during the extended grace period, the banks must refund the cost of the overlapping coverage to the borrower.
- Jedd R. Bellman to provide an “Attorney exemption/medical debt update” at the North American Collection Agency Regulatory Association annual conference
- Kathryn L. Ryan to discuss “What should crypto regulation look like: Legislation, regulation and consumer issues” at WCL's First Annual Virtual Currency Law Institute
- Elizabeth E. McGinn to discuss “How to mitigate and manage third-party risks: Leveraging tools and best practices” at The Knowledge Group’s webcast
- Elizabeth E. McGinn, Benjamin W. Hutten, and James C. Chou to discuss “The evolving regulatory landscape: Third-party and cyber risk management” at the 2022 mWISE Conference
- Sherry-Maria Safchuk to discuss “For your eyes only: Privacy updates for 2022-2023” at CCFL’s Annual Consumer Financial Services Conference
- James T. Parkinson to present a “Global anti-corruption update” at IBA’s annual conference