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On September 17, the CFPB released a report revealing that renters and their families may experience “previously avoided economic harms of the Covid-19 pandemic as federal and state relief programs expire.” The report, which compared homeowners and renters using the CFPB’s Making Ends Meet survey and consumer credit data, found that, “on average, renters’ economic conditions were significantly more responsive to relief measures such as stimulus payments and alterations in unemployment benefits”, and are thus more susceptible to financial hardships as programs are ending. In comparing renters and homeowners, the report found, among other things, that: (i) renters are more likely to be Black or Hispanic, younger, and have lower incomes than homeowners; (ii) renters’ credit scores increased by 16 points during the pandemic, compared to 10 points for mortgagors and 7 points for other homeowners; and (iii) delinquency rates of renters with children experienced a considerable decrease after stimulus payments. According to CFPB acting Director Dave Ujeio, the Bureau “is committed to helping renters and their families thrive,” and “the modest gains renters made during the pandemic to ensure this nation’s full and equitable recovery from COVID-19.”
On September 2, New York’s Governor Hochul extended the moratorium on Covid-19-related residential and commercial evictions until January 15, 2022. According to the announcement, “all protections of the Tenant Safe Harbor Act for residential tenants who are suffering financial hardship as a result of the pandemic will remain in place, along with new protections on commercial evictions.” For our previous coverage regarding the eviction moratorium, see here.
The new law also: (i) creates a $25 million fund to provide legal services to tenants facing eviction proceedings and to aid them in maintaining housing stability in areas of New York where there is not access to free legal assistance for such services; and (ii) establishes a $250 million Supplemental Emergency Rental Assistance program to serve additional households and to better support landlords
- Daniel R. Alonso to moderate an interactive roundtable at the Latin Lawyer and GIR Connect: Anti-Corruption & Investigations Conference
- APPROVED Checkpoint Webcast: You have license renewal questions, we have answers
- Jonice Gray Tucker to discuss “Fintech trends” at the BIHC Network Elevating Black Excellence Regional Summit
- Jeffrey P. Naimon to discuss "Truth in lending” at the American Bar Association National Institute on Consumer Financial Services Basics
- Daniel R. Alonso to discuss anti-money-laundering at FELABAN Spanish-language webinar “Perspective for banks: LAFT, FINCEN, OFAC, Cryptocurrency”
- Daniel R. Alonso to discuss "What’s new in BSA/AML compliance?" at the Institute of International Bankers Regulatory Compliance Seminar
- Jon David D. Langlois to discuss "Regulatory update: What you need to know under the new boss; It won’t be the same as the old boss" at the IMN Residential Mortgage Service Rights Forum (East)
- Benjamin B. Klubes to discuss “Creating a Fantastic Workplace Culture”
- John R. Coleman and Amanda R. Lawrence to discuss “Consumer financial services government enforcement actions – The CFPB and beyond” at the Government Investigations & Civil Litigation Institute Annual Meeting
- Jonice Gray Tucker to discuss "Consumer financial services" at the Practising Law Institute Banking Law Institute
- Jonice Gray Tucker to discuss “Regulators always ring twice: Responding to a government request” at ALM Legalweek