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FTC and student loan debt relief operation agree to permanent injunction
On March 30, the FTC announced a settlement with three student loan debt relief companies and their owner for violating the FTC Act and the Telemarketing and Consumer Fraud and Abuse Act by allegedly engaging in deceptive practices when marketing and selling their debt relief services. The...
InfoBytesSpecial Alert: Treasury and SBA release initial details on Paycheck Protection Program
On Tuesday, March 31, the Department of the Treasury and the Small Business Administration released initial details regarding the nearly $350 billion Paycheck Protection Program established by the Coronavirus Aid, Relief, and Economic Security Act. Under the program, private lenders will offer SBA-...
InfoBytesFederal Reserve announces establishment of temporary repurchase agreement facility
On March 31, the Federal Reserve announced the establishment of a temporary repurchase agreement facility (FIMA Repo Facility) to be available to foreign and international monetary authorities. The FIMA Repo Facility will allow central banks and other international monetary authorities with...
InfoBytes"Preparing for private right of action under Calif. privacy law" by Amanda R. Lawrence and Michael A. Rome (Law360)
The California Consumer Privacy Act went into effect at the beginning of this year, and while the California attorney general will not begin enforcing it until July, the private right of action that the CCPA created is available to consumers now. The CCPA expressly provides for a private right of...
ArticlesTreasury launches Employee Retention Credit to encourage businesses to keep employees on payroll
On March 31, the Treasury Department and the Internal Revenue Service launched the Employee Retention Credit, a resource designed to encourage businesses to keep employees on their payroll during the Covid-19 outbreak. The resource is a refundable tax credit of 50 percent of up to $10,000 in wages...
InfoBytesRhode Island regulator delays reporting deadlines
In light of widespread interruptions created by the Covid-19 emergency, the Rhode Island Division of Banking extended the due date for debt collectors, small loan lenders, and debt management companies to submit 2020 Rhode Island Annual Reports to April 30, 2020. Extensions beyond that date will be...
InfoBytesOregon publishes website with Covid-19 insurance and financial services information for consumers
Oregon published a website that includes FAQs addressing Covid-19 insurance and financial services information for consumers. The website addresses questions regarding, among other things, making mortgage payments and addressing concerns about keeping money in checking or savings accounts during...
InfoBytesOklahoma State Banking Department issued FAQs from financial institutions affected by Covid-19
The Commissioner of the Oklahoma State Banking Department issued FAQs as a supplement to FAQs issued earlier by the FDIC. The FAQs address: (i) working with borrowers, and appropriately documenting the credit file; (ii) closing a lobby but maintaining drive through service; (iii) access to safe...
InfoBytesNew Hampshire issues FAQs on foreclosures during pandemic
On March 31, the New Hampshire Banking Department issued FAQs for consumers addressing foreclosures during the Covid-19 pandemic. The FAQs reiterate that New Hampshire Emergency Order #4 establishes a temporary prohibition on all foreclosures while New Hampshire’s Covid-19 state of emergency is in...
InfoBytesSpecial Alert: CARES Act places significant burdens on servicers of consumer debt but provides some relief to depositories
President Trump late last week signed the Coronavirus Aid, Relief, and Economic Security Act that attempts to soften the negative economic effects of the Covid-19 pandemic on consumers, including by suspending payments for certain student loan borrowers and enabling mortgage loan borrowers to...
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