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Nevada Dept. of Business and Industry extends work from home guidance
On May 18, the Nevada Department of Business of Industry, Division of Mortgage Lending extended its provisional guidance allowing licensed mortgage loan originators to work from home (previously covered here) until August 31, 2020.
Nebraska authorizes virtual annual meetings for credit unions
On May 18, the director of the Nebraska Department of Banking and Finance released guidance allowing state-chartered credit unions to hold their annual meetings and certain special member meetings virtually, provided that certain requirements are met.
Maryland regulator reminds student loan servicers of obligation to report suspended payments as current
On May 18, the Office of the Maryland Commissioner of Financial Regulation issued an advisory to student loan servicers and credit reporting agency registrants to remind them of their furnishing obligations under the federal CARES Act to ensure that suspended payments are not reported as delinquent. The advisory notes that it has come to the office’s attention that a student loan servicer of a significant amount of federal student loan debt was not accurately furnishing information and reminds servicers that under Maryland’s Student Loan Servicing Bill of Rights, it is a violation of Maryland law to knowing or recklessly provide inaccurate information or refuse to correct it.
Washington amends and extends proclamations regarding state of emergency, garnishments, and accrual of interest
On May 15, the Washington governor issued Proclamation 20-49.1, which amends and extends Proclamations 20-05 (declaring a state of emergency) and 20-49 (regarding garnishments and accrual of interest). Proclamation 20-49 was previously covered here. Proclamations 20-05 and 20-49 are amended to (i) recognize the extension of statutory waivers and suspensions by the Washington legislature until the sooner of the termination of the Covid-19 state of emergency or 11:59p.m. on May 21, 2020, whichever is first, and (ii) similarly extend the prohibitions contained in those proclamations until the earlier of the aforementioned dates.
New Mexico issues public health order
On May 15, the New Mexico Department of Health issued an order directing that essential businesses must operate in accordance with the applicable Covid-Safe Practices section of the All Together New Mexico: Covid-Safe Practices for Individuals and Employers. Essential businesses include banks, credit unions, insurance providers, brokerage services, and investment management firms, among others.
Colorado Banking and Financial Services commissioners provide guidance on Safer at Home orders
On May 15, the Colorado Banking and Financial Services commissioners provided additional guidance on the Safer at Home orders. The commissioners continue to encourage Colorado state-chartered financial institutions to work with affected borrowers and customers, and provide payment relief to consumers impacted by Covid-19. For example, financial institutions are encouraged to waive fees for services (e.g., overdraft fees, ATM fees) and provide accommodations such as eliminating minimum balance requirements on accounts and increasing daily withdrawal limits on ATMs.
Texas regulator urges credit access businesses to consider emergency measures, extends reporting deadlines
On May 15, the Texas Office of the Consumer Credit Commissioner revised an advisory bulletin to credit access businesses, extending the deadline to file 2020 first quarter reports until May 31, 2020 (previously covered here). The office also encouraged credit access businesses to work with third-party lenders to provide relief to consumers negatively impacted by the Covid-19 pandemic.
Texas regulator extends annual report deadline for regulated lenders
On May 15, the Texas Office of Consumer Credit Commissioner revised an advisory bulletin extending the deadline for regulated lenders to file 2019 annual reports from May 1, 2020 to June 1, 2020 (previously covered here). The regulator also urged regulated lenders to work with borrowers negatively impacted by the Covid-19 pandemic.
CFPB, CSBS issue consumer guide on CARES Act mortgage relief option
On May 15, the CFPB and Conference of State Bank Supervisors jointly issued a Consumer Relief Guide to provide information to homeowners with federally-backed mortgage loans regarding their rights to relief under the CARES Act. The Guide outlines steps for requesting forbearance and provides additional resources for borrowers who need assistance when understanding their options or working with their mortgage servicers. The Bureau also refers borrowers to its centralized webpage, which covers consumer financial resources for the Covid-19 pandemic (covered by InfoBytes here), as well as its joint housing assistance website launched in coordination with the Federal Housing Finance Agency and the Department of Housing and Urban Development (covered by InfoBytes here).
$550 million preliminary settlement reached in biometric privacy class action
On May 8, plaintiffs in a biometric privacy class action in the U.S. District Court for the Northern District of California filed a motion requesting preliminary approval of a $550 million settlement deal. The preliminary settlement, reached between a global social media company and a class of Illinois users, would resolve consolidated class claims that alleged the social media company’s face scanning practices violated the Illinois Biometric Information Privacy Act (BIPA). As previously covered by InfoBytes, last August the U.S. Court of Appeals for the 9th Circuit affirmed class certification and held that the class’s claims met the standing requirement described in Spokeo, Inc. v. Robins because the social media company’s alleged development of a face template that used facial-recognition technology without users’ consent constituted an invasion of an individual’s private affairs and concrete interests. According to the motion for preliminary approval, the settlement would be the largest BIPA class action settlement ever and would provide “cash relief that far outstrips what class members typically receive in privacy settlements, even in cases in which substantial statutory damages are involved.” If approved, the social media company must also provide “forward-looking relief” to ensure it secures users’ informed, written consent as required under BIPA.