A&B ABstract On June 17, 2020, New York Governor Andrew Cuomo signed into law two measures, effective immediately, providing for mortgage forbearances for privately backed residential mortgage loans during the COVID-19 emergency. Senate Bill 8243 (2020 N. Y. Laws 112) amends the N. Y. Banking Law by adding new Section 9-x, “Mortgage Forbearance.” Senate Bill […]
Covid-19
CFPB Issues CARES Act Consumer Reporting FAQs
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 […]
Alston & Bird Hosts Calabria, Kraninger to Discuss COVID-19 Challenges
A&B ABstract: On June 15, Alston & Bird partners Nanci Weissgold and Brian Johnson hosted Dr. Mark A. Calabria, Director of the Federal Housing Finance Agency, and Kathy Kraninger, Director of the Consumer Financial Protection Bureau, to discuss federal regulatory responses to the COVID-19 pandemic and how they affect consumer lending and mortgage servicing. […]
DOJ Issues Third Iteration of Its Corporate Compliance Guidance
The Department of Justice’s Criminal Division began June 2020 by issuing revisions to its Evaluation of Corporate Compliance Programs guidance. First published in 2017, and later updated in April 2019, the guidance provides insight into how the Criminal Division assesses a company’s compliance program. Further, it allows companies to proactively implement and strengthen compliance programs to align closely with […]
CFPB Announces Two Updates Relating to COVID-19 Pandemic
A&B ABstract: Last week, the Consumer Financial Protection Bureau issued two announcements of interest to servicers as they continue to respond to borrowers impacted by the COVID-19 pandemic. Consumer Complaint Report: On May 21, the CFPB issued a report analyzing approximately 4500 complaints relating to the COVID-19 pandemic. Among other findings, the report indicates that […]