April 03, 2020

Consumer Financial Services Practice Digest

3 min

Legal & Regulatory Developments

Webinar Recap: Consumer Financial Services Legal & Regulatory Update: COVID-19

Members of Venable's Consumer Financial Services Practice Group discussed the latest on the evolving legal and regulatory landscape, and ways to manage key compliance risks, related to the fallout from the COVID-19 pandemic.

Click here to listen to the recording and/or view the slides, which touch on the following topics:

  • Federal Response to COVID-19 (Update on Stimulus and More)
  • Federal and State Regulatory Agency Policy and Rulemaking Update
  • Mitigation Measures for Lending, Mortgage, Debt Collection
  • State Supervision and Examinations, and Licensing COVID-19 Implications
  • Enforcement Priorities During the COVID-19 Pandemic
  • Federal and State Regulatory Guidance on Working Remotely for Consumer Financial Service Providers
  • FinTech and RegTech Opportunities and Challenges
  • Quick Hits on Electronic Signatures and Steps to Take to Minimize New Compliance Risks
  • Venable COVID-19 Resources
The CFPB's Taskforce on Consumer Financial Law Moves Forward and Seeks Input from Anyone Interested in Commenting

The CFPB's Taskforce on Federal Consumer Financial Law has issued a Request for Information regarding ways to improve current Federal consumer financial laws. The RFI seeks comments regarding current Federal consumer financial laws and regulations, as well as their effect on consumers and financial services companies. A key focus of the RFI is whether the benefit to consumers of such requirements justifies the accompanying compliance burden.

CFPB Offers Guidance on FCRA Compliance During the COVID-19 Pandemic

The CFPB has issued a Statement on Supervisory and Enforcement Practices Regarding the Fair Credit Reporting Act and Regulation V in Light of the CARES Act (the Policy Statement). This Policy Statement addresses amendments to the Fair Credit Reporting Act (FCRA) contained in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), as well as challenges facing consumer reporting agencies (CRAs) and financial companies that report consumer data to CRAs. The Bureau notes the importance of continued, accurate reporting and compliance with the CARES Act, but states that it intends to be flexible in examinations and enforcement regarding compliance with certain elements of the FCRA.

COVID-19 Recent News

Federal Student Loan Servicers and Collectors Must Take "CARE(S)" to Update Practices and Policies to Comply with New Law

Financial Services Stakeholders Request TCPA Emergency Purposes Exception for COVID-19 Calls

The Application is Now Available for CARES Act Small Business Loans: What You Need to Know

Bank Regulators Provide Grace Period for Quarterly Reporting

NYDFS and Other State Financial Regulators Increase Consumer Relief Efforts


Explore our collection of timely and relevant alerts, webinars, and news as global preparations for the impact of COVID-19 continue.