A&B ABstract On June 16th, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) issued a Compliance Aid titled “Consumer Reporting FAQs Related to the CARES Act and COVID-19 Pandemic.” This Compliance Aid clarifies the Bureau’s April 1, 2020 Statement that providing furnishers flexibility in handling disputes during the pandemic is not unlimited, putting consumer reporting […]
Consumer Loan
Colorado Court Rejects “Valid When Made” Doctrine
A&B Abstract: As we have previously reported, effective August 3 the Office of the Comptroller of the Currency’s (“OCC”) has issued a final rule affirming the “valid-when-made” doctrine while dismissing the Second Circuit decision in Madden v. Midland Finding, LLC. On June 9, 2020, however, a Colorado state court handed down an unexpectedly negative ruling […]
Alston & Bird Financial Services Regulatory Speaker Webinar Series
On June 15, from 1 to 2 p.m., Alston & Bird will host the inaugural event in its Financial Services Regulatory Speaker Webinar Series. The event will feature a discussion with Dr. Mark A. Calabria, Director of the Federal Housing Finance Agency and Kathy Kraninger, Director of the Consumer Financial Protection Bureau, discussing federal regulatory […]
Federal Administrative Agencies Issue COVID-19 Guidance
A&B ABstract: On March 26, the Consumer Financial Protection Bureau (“CFPB”) issued three separate policy statements in response to the COVID-19 pandemic. These announcements recognize the operational and resource challenges companies are facing as a result of the pandemic, and provide some regulatory flexibility. Separately, the CFPB and four prudential banking regulators issued a statement […]
NYDFS Extends Transition Period for Part 419 Compliance by Additional 90 Days
On March 13, 2020, the New York Department of Financial Services (“NYDFS”) adopted, on an emergency basis, amendments (the “Emergency Adoption”) to the final mortgage servicer business conduct rules found in Part 419 of the Superintendent’s Regulations (the “Final Rules”), to extend the transition period for compliance with the Final Rules by an additional 90 […]