On 6/8/2020, the Small Business Administration (SBA), along with the Treasury Secretary, issued a joint statement regarding the enactment of the Paycheck Protection Program Flexibility Act. Specifically, the SBA is planning to issue rules and guidance, a modified borrower application form, and a modified loan forgiveness application to implement the legislative amendments to the PPP.

On 6/5/2020, the federal regulators, through the Federal Financial Institutions Examination Council (FFIEC) released a statement on financial inclusion. Specifically, their statement is as follows: “We, the prudential and consumer financial protection regulators of the U.S. financial system, are committed to financial inclusion. Racism and discrimination must not be tolerated. Everyone deserves the opportunity to participate in our financial mainstream. We remain steadfastly dedicated to ensuring that the financial institutions which we regulate provide fair access and fair treatment to everyone in America.”

On 6/4/2020, the CFPB announced that it began taking steps to transition away from LIBOR for consumers and regulatred entities. As explained in their announcement, the CFPB released an updated Consumer Handbook on Adjustable Rate Mortgages (CHARM) as well as a Notice of Proposed Rulemaking (NPRM) concerning the anticipated discontinuation of LIBOR, including proposing examples of replacement indices that meet Regulation Z standards. Additionally, the Bureau issued a number of FAQs on other important LIBOR transition topics that do not require amendments to Regulation Z.

On 6/4/2020, the Office of the Comptroller of the Currency (OCC) released two issuances for public comment: a Notice of Proposed Rulemaking (NPR) and an Advance Notice of Proposed Rulemaking (ANPR). The NPR would update the OCC’s rule for national banks and federal savings association activities and operations while the ANPR is seeking comment on rules on national banks’ and federal savings associations’ digital activities.

On 6/3/2020, the CFPB issued a statement on supervisory and enforcement practices regarding electronic credit card disclosures in light of the COVID-19 pandemic. The Bureau explained in their release that they issued this statement to provide temporary and targeted flexibility for credit card issuers regarding electronic provision of certain disclosures required to be in writing during this pandemic. The Bureau also explained that this supervisory and enforcement flexibility will facilitate credit card issuers’ ability to quickly assist consumers during the pandemic.

On 6/2/2020, the CFPB announced a settlement with Main Street Personal Finance, Inc. and its subsidiaries which are based in Cleveland, Tennessee and offer payday and auto-title loans. The Bureau found that Approved Cash provided deceptive finance charge disclosures by failing to refund overpayments on its loans, and violated laws by engaging in unfair debt collection practices.

Specifically, the Bureau found that Approved Cash violated the CFPA’s prohibition against engaging in deceptive acts or practices and TILA by concealing and understating the actual finance charges of its auto-title loans for over 4,000 consumers, who paid a total of over $3.5 million more than the finance charge listed in Approved Cash’s loan disclosures. The Bureau also found…

On 6/2/2020, the CFPB issued Compliance Aid to assist financial institutions with understanding their responsibilities for the remittance transfer rule in light of the COVID-19 pandemic. This three page document provides three questions and answers for applicable financial institutions.

In late June of 2020, the NCUA announced that it was delaying the start of it phased resumption of onsite operations. According the the NCUA, the delay was warranted based on factors like recent trends in public health data and administrative considerations. The agency explained that they will continue offsite examinations as they have done for the last several months.

On 6/1/2020, the CFPB issued guidance for consumers on how they can avoid COVID-19 government imposter scams. Tips provided by the CFPB include three ways consumers can protect themselves and others from scammers: