On April 30, 2020, the Supreme Court of Mississippi entered two Orders denying relief for certain individuals that have been impacted by the ongoing Coronavirus pandemic (“COVID-19”) reasoning lack of constitutional authority. Particularly and in an effort to provide relief to renters struggling to pay rent during the pandemic, the Mississippi Center for Justice filed a petition asking the Court to extend the moratorium on evictions and late rental fees until at least July 27, 2020.[1] The Motion asked the Court to both “(1) impose a temporary moratorium on all judicial ...
On April 6, 2020, the Chairwoman of the House Financial Services Committee, Maxine Waters, issued a broad memo outlining additional Democratic priorities for any subsequent Coronavirus relief package. Although more far-reaching, many of those proposals would directly impact consumers and the financial services industry, including:
- Support for Renters, Homeowners, and the Homeless:
During the Crisis
(1) Ban all evictions for nonpayment of rent regardless of whether the property has a federally backed loan. Tenants would be eligible to receive assistance through the ...
On April 7, 2020, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, and the Consumer Financial Protection Bureau, in consultation with state financial regulators (hereinafter the "agencies") issued a revised interagency statement regarding loan modifications and reporting for borrowers affected by COVID-19. The revised statement clarifies the relationship between the March 22, 2020 interagency statement and section 4013 of the ...
On April 1, 2020, the Consumer Financial Protection Bureau (CFPB) issued a Statement on Supervisory and Enforcement Practices Regarding the Fair Credit Reporting Act and Regulation V in Light of the CARES Act (Policy Statement). To highlight the importance of credit reporting during the current crisis, the CFPB issued the Policy Statement to outline the responsibility of furnishers under the CARES Act, and its “flexibility” as it relates to compliance under the Fair Credit Reporting Act (FCRA) and Regulation V. Particularly, to better manage the crisis and maintain ...