Coronavirus News

Maryland Suspends Foreclosures and Evictions

On April 3, 2020, the governor of Maryland issued an executive order, amending the government’s emergency response to the COVID-19 health crisis to suspend...

Federal Banking Regulators Issue Temporary Rules on Community Bank Leverage Ratios Implementing CARES Act

The OCC, Federal Reserve, and FDIC issued temporary regulations implementing CARES Act provisions designed to provide relief to community banking organizations.  The interim final...

Regulators Relax Supervision and Enforcement Over Mortgage Servicers in Light of COVID-19

On April 3, 2020, the CFPB, Federal Reserve, FDIC, NCUA, OCC, and the Conference of State Bank Supervisors issued a Joint Statement concerning supervision...

CFPB Posts Video for Consumers Regarding Mortgage Forbearance

The CFPB posted a video for consumers on what to expect and how to utilize the mortgage forbearance rights provided in the CARES Act...

NACHA Issues Bulletin on Elevated Return Levels from Pre-Authorized ACH Debits in Light of COVID-19 Crisis

In light of the elevated risk of potential violations of NACHA rules as a result of elevated returns due to the COVID-19 crisis, on...

NY Temporarily Authorizes Remote Notarizations and NY DFS Filings by Fax or Email in Response to Coronavirus

In response to the COVID-19 health crisis, the governor of New York issued an executive order authorizing the use of notarization by videoconference until April 18,...

NY Temporarily Tolls Statutes of Limitations and Suspends Court Filings in Foreclosure and Eviction Proceedings in Response to Coronavirus

On March 20, 2020, the governor of New York issued an executive order concerning the limiting of court operations to essential matters during the COVID-19 health...

Federal Reserve Suspends Regular Examinations for Supervised Institutions with less than $100 Billion

As part of its response to the COVID-19 crisis, the Federal Reserve recently issued a statement suspending regular exams for supervised institutions with total consolidated assets...

CFPB Director Applauds HUD and FHFA COVID-19 Response

On March 18, 2020, HUD and FHFA announced a 60-day moratorium on all foreclosures and evictions for FHA-insured mortgages and single-family mortgages backed by...

VA Issues Circular Strongly Encouraging Foreclosure Moratorium

The Department of Veterans Affairs (VA) Circular Letter issued on March 18, 2020, Foreclosure Moratorium for Borrowers Affected by COVID19, strongly encourages mortgage servicers...

NY Department of Financial Services Adopts Emergency Regulations for COVID-19 Relief Programs

On March 24, 2020, the New York Department of Financial Services (the Department) adopted emergency regulations, which went into effect immediately.  The regulations were adopted...

NY Extends Deadline for Transition to Final Mortgage Servicing Rules

On March 13, 2020, the New York Department of Financial Services (NYDFS) adopted an emergency measure amending the Final Mortgage Servicing Rules promulgated in December 2019.  Specifically, the measure...
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