Troutman Pepper’s Weekly Consumer Financial Services Newsletter COVID-19 – Coronavirus (COVID-19)

Troutman Pepper’s Weekly Consumer Financial Services Newsletter COVID-19 – Coronavirus (COVID-19)

Federal Activities To help you keep abreast of relevant activities, below find a
breakdown of some of the biggest COVID-19 driven events at the
federal and state levels to impact the Consumer Finance Services
industry this past week:
State Activities

Like most industries today, Consumer Finance Services businesses
are being significantly impacted by the novel coronavirus
(COVID-19). Troutman Pepper has developed a dedicated COVID-19 Resource Center to guide clients
through this unprecedented global health challenge. We regularly
update this site with COVID-19 news and developments,
recommendations from leading health organizations, and tools that
businesses can use free of charge.
To print this article, all you need is to be registered or login on Mondaq.com.

Our bank and loan servicing clients also face novel challenges
affecting their industry due to COVID-19, particularly the
ever-changing rules and regulations concerning evictions and
foreclosures. We closely track these updates and have assembled an
interactive tracker containing state orders and guidance documents
regarding residential foreclosure and eviction moratoriums. You may
access this interactive tool at https://covid19.troutman.com/.
Troutman Pepper Hamilton Sanders

On June 3, a group of landlords challenging the Centers for
Disease Control and Prevention’s eviction ban applied for an
emergency appeal from the D.C. Circuit to the U.S. Supreme Court.
The eviction moratorium is set to expire on June 30. For more
information, click here.

On June 2, the Federal Reserve Board (Board) announced the
approval of a final rule amending Regulation D to eliminate
references to an interest on required reserves rate and to an
interest on excess reserves rate and replace them with a single
interest on reserve balances rate. The final rule also simplifies
the formula used to calculate the amount of interest paid on these
balances, and it makes other minor conforming amendments. The final
rule adopted the Board’s proposed rule on January 8, 2021
without change, with the rule taking effect on July 29. For more
information, click here.

On June 4, the Consumer Financial Protection Bureau (CFPB)
updated the Frequently Asked Questions on compliance with the
Electronic Fund Transfer Act (EFTA) and Regulation E. For more
information, click here.

Federal Activities:
Privacy and Cybersecurity Activities

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