In the federal government’s ongoing effort to revive the U.S. economy and help people harmed by the economic damage wrought by the coronavirus pandemic, an important detail has gone under-noticed: the most recent set of...more
A class action lawsuit filed in September 2020 against Nike alleging that its policy requiring retail employees to wear Nike-branded, opaque masks discriminated against deaf and hard of hearing consumers under Title III of...more
On December 21, Congress overwhelmingly passed a consolidated bill (H.R. 133) that contains $1.4 trillion in appropriations to keep the federal government funded until October 2021 and $900 billion in coronavirus economic...more
Congress passed additional COVID-19 relief legislation (H.R. 133) on Monday evening, December 21, 2020. Today, President Trump is expected to sign the deal, which includes a $900 billion economic stimulus package that will...more
12/23/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Economic Stimulus ,
Eviction ,
Families First Coronavirus Response Act (FFCRA) ,
Foreclosure ,
Mortgages ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SNAP Program ,
Unemployment Benefits
On August 3, 2020, the Federal Financial Institutions Examination Council (“FFIEC”) issued a joint statement to provide prudent risk management and consumer protection principles for financial institutions to consider when...more
8/7/2020
/ Borrowers ,
CARES Act ,
Coronavirus/COVID-19 ,
FFIEC ,
Financial Institutions ,
Financial Services Industry ,
Interagency Guidance ,
Internal Audit Functions ,
Internal Controls ,
Joint Statements ,
Loan Modifications ,
Loans ,
Risk Management
Recently, the federal banking regulators issued four new sets of examination procedures. The OCC issued two significant examination booklets on sampling methodologies and UDAP/UDAAP, and the federal banking regulators,...more
8/4/2020
/ Banking Regulators ,
Banking Sector ,
CARES Act ,
Comptroller ,
Coronavirus/COVID-19 ,
Dodd-Frank ,
Examination Procedures ,
Financial Institutions ,
FRB ,
FTC Act ,
UDAAP ,
UDAP
On May 20, 2020, the OCC issued a final rule to “strengthen and modernize” its existing Community Reinvestment Act (“CRA”) regulations. This is the second in a series of five blog posts about the final rule....more
6/26/2020
/ Banks ,
Community Development ,
Community Reinvestment Act ,
Coronavirus/COVID-19 ,
FDIC ,
Federal Reserve ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Lending ,
Notice of Proposed Rulemaking (NOPR) ,
OCC ,
Performance Standards
On May 6, 2020, the CFPB issued an ECOA/Regulation B “Compliance Aid” containing three FAQs that clarify certain issues related to notification of action taken on Small Business Administration (“SBA”) Paycheck Protection...more
U.S. Secretary of Education Betsy DeVos announced that the office of Federal Student Aid is executing on President Trump’s promise to provide student loan relief during the COVID-19 pandemic through several initiatives...more
On March 19, 2020, the New York Department of Financial Services (“NYDFS”) issued guidance urging all state-regulated financial institutions during the outbreak of the coronavirus to reduce its adverse impact by working with...more