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District of Columbia prohibits certain debt collection activity
The District of Columbia has enacted the Covid-19 Response Supplemental Emergency Amendment Act of 2020. Under the Act, among other things, for the duration of the public health emergency and 60 days after its conclusion, debt collectors are prohibited from, among other things: (i) initiating,...
InfoBytesD.C. enacts data breach requirements and consumer protections
On March 26, the mayor of the District of Columbia signed Act 23-268 to expand data privacy and consumer protection measures. Among other things, the “Security Breach Protection Amendment Act of 2020” (i) expands the definition of personal information subject to the Act; (ii) specifies the required...
InfoBytes2nd Circuit: Collection letter failed to properly identify creditor in violation of FDCPA
On April 3, the U.S. Court of Appeals for the Second Circuit reversed and vacated the dismissal of an FDCPA action against a debt collector (defendant), holding that a collection letter failed to identify the correct creditor to whom a debt was owed. The consumer (plaintiff) alleged that the...
InfoBytes2nd Circuit: New York usury law does not apply to interest rate applied after default
On March 30, the U.S. Court of Appeals for the Second Circuit affirmed multiple orders issued by a district court in favor of an assignee mortgage holder (plaintiff), concluding that a borrower (defendant) was liable for interest at a default rate of 24 percent per year. After the defendant fell...
InfoBytesAlabama Bureau of Loans issues guidance on annual report submission
The supervisor for the Alabama State Banking Department Bureau of Loans issued a statement to licensees extending the annual report, mortgage call report, and financial statement deadlines to July 15.
InfoBytesOklahoma governor issues stay at home order
On April 8, the Oklahoma governor issued an executive order closing all businesses that are not within a critical infrastructure or considered “essential” as defined by the Oklahoma Department of Commerce. The Oklahoma Essential Industries List includes financial services institutions and their...
InfoBytesIowa Division of Credit Unions publishes comprehensive resource for Covid-19 updates
The Iowa Division of Credit Unions published a comprehensive resource containing information on Covid-19 regulatory updates. The document covers a range of regulatory changes applicable to credit unions, including: (i) the SBA-Paycheck Protection Program; (ii) Annual Meeting requirements; (iii)...
InfoBytesNCUA issues summary of CARES Act provisions impacting credit unions
In April, the NCUA issued guidance to federally insured credit unions providing a summary of provisions of the Coronavirus Aid, Relief, and Economic Security (CARES) Act that impact credit unions. Such provisions touch upon the Central Liquidity Facility, insured deposits thresholds, temporary...
InfoBytesNCUA provides guidance regarding Small Business Administration loan programs
In April, the NCUA issued guidance to federally insured credit unions regarding the U.S. Small Business Administration’s (SBA) loan programs to help small businesses. The guidance provides an overview of the Paycheck Protection Program, including eligibility criteria for both lenders and borrowers...
InfoBytesNevada governor issues guidance for essential businesses
On April 8, the Nevada governor issued Emergency Directive 013 requiring essential businesses to implement measures to ensure social distancing. Among other guidance, the directive provides that open house showings, and in-person showings of single family and multi-family residences currently...
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