On April 9, the Federal Reserve took the following actions to provide up to an additional $2.3 trillion in economic aid to support the economy during the coronavirus pandemic.
On April 2, 2020 and April 4, 2020, the Small Business Administration (SBA) issued unusual interim final rules (the Rules) providing further detail regarding Paycheck Protection Program loans under the CARES Act. The Rules will take effect immediately upon publication in the Federal ...
The Treasury Department released additional information today regarding the Paycheck Protection Program that has been authorized under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).
On March 27, 2020, President Donald Trump signed into law the CARES Act, an approximately $2 trillion stimulus package to mitigate the adverse economic effects of the COVID-19 pandemic.
The New York Department of Financial Services (DFS) released guidance for its regulated financial institutions and mortgage servicers in light of the COVID-19 pandemic, authorizing banks to take “reasonable and prudent actions” to work with consumers and small businesses that have been ...
Taking a break after eight brisk years of regulatory and litigious turbulence, the world of fintech and marketplace lending in 2019 was notable for being more business as usual, or what some might call a “ho hum” year of upward growth.
In the latest student lending happenings, a group of state attorneys general wrote to the Department of Education seeking confirmation of student loan discharge relief to thousands of borrowers, while a consumer group filed suit against the Consumer Financial Protection Bureau (CFPB) alleging lax ...
In a welcome development for fintechs, lenders and investors, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) separately have proposed regulations to address the substantial uncertainty created by the Second Circuit’s decision in Madden ...
A new bill introduced in both houses of Congress would extend the Military Lending Act’s (MLA’s) 36 percent per annum interest rate cap to all consumer borrowers, not just military service members. The change would affect all MLA-covered loans.
Oversight of student loan servicing remains top of mind for state regulators, with new regulations taking effect in New York, California, Colorado and Maine, and with several other states considering similar measures.