- Posts by Mark H. Tyson
PartnerMark Tyson is a member of the firm's Financial Services Litigation practice group where he focuses his practice on defending claims under the Truth-in-Lending Act, the Home Ownership and Equity Protection Act, the Real Estate ...
In March 2020, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act in effort to provide support and economic relief to organizations and individuals during the Coronavirus pandemic. Pursuant to the CARES Act, Congress established the Paycheck Protection Program (PPP) to assist small businesses and self-employed individuals retain workers, cover operating costs, and maintain payroll. The Small Business Administration (SBA) backs the PPP, and is responsible for forgiving said loans if borrowers maintain payroll for eight (8) weeks and use the money ...
In March 2020, the United States Congress passed the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) to provide financial relief to individuals and organizations impacted by the Coronavirus pandemic. As a part of the CARES Act, Congress created the Paycheck Protection Program (“PPP”) which authorized the Small Business Administration (“SBA”) to provide loans to small businesses. Historically, however, the SBA has rendered certain types of business ineligible to receive SBA loans. Recognizing this, Congress established merely two criteria for ...
A payday lender recently filed suit against the Small Business Administration (“SBA”) in the United States District Court for the District of Columbia relating to its Paycheck Protection Program (“PPP”) loan application under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). See Payday Loan, LLC v. United States Small Business Administration, Civil Action No. 1:20-cv-1084 (D.D.C. Apr. 25, 2020) The lender operated twenty-two stores in California that provided lending, check-cashing, money orders, money transmission, and other financial ...
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 ...
The United States District Court for the District of Maryland recently held that the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), does not provide a private right of action for those aggrieved by an alleged violation. See Profiles, Inc. v. Bank of America Corp., 2020 WL 1849710 (D. Md., Apr. 13, 2020). The CARES Act amended the Small Business Act (“SBA”) to create the Payroll Protection Program (“PPP”). The PPP authorized participating lenders to make small business loans to adversely affected firms during the ongoing pandemic. See Pub. L. No ...
On April 14, 2020, the Consumer Financial Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA), Comptroller of the Currency (OCC), and Board of Governors of the Federal Reserve System (FRB) issued an interagency statement advising financial institutions of existing flexibilities and exceptions that may be useful during the COVID-19 pandemic with respect to real estate evaluations and appraisals.
- Physical Property Inspections
Currently, exterior and interior property inspections are not required by the appraisal ...
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 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 ...
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act” or the “Act”) was passed in an effort to provide financial stability and relief in response to the ongoing Coronavirus pandemic. Amongst other types of aid, the CARES Act provides immediate relief to obligors of certain student loans. See Pub. L. No. 116-136 § 3513 (March 27, 2020). That relief, however, applies only to federal student loans which now include the vast majority of the nation’s student loan debt. But, there remain millions of other commercially-held and private student ...