Weekly Digest: COVID-19 Resources from Bradley (April 15, 2021)
This digest is a curated list of Bradley content regarding the coronavirus. In an effort to provide our clients with the easiest way to find information that may be beneficial in responding to the impact of COVID-19, we have provided links to our most recent blog posts, news alerts, webinar recordings and more. Additionally, this digest will now be deployed on a weekly basis in an effort to reduce the number of emails our clients receive. For updates on social media, follow Bradley on LinkedIn and Twitter.
Coronavirus Insights & Updates
The information listed below is categorized by topic for your convenience and includes content from the previous week. Bradley is actively monitoring and engaging with relevant federal, state or local entities on issues related to the coronavirus. Please contact one of the authors if you have any questions. Click on a link below to view the full article, alert, blog, webinar recording or interview.
Banking and Financial Services
Bradley’s Bankruptcy Basics: COVID-19 Bankruptcy Relief Extension Act Extends Various CARES Act Amendments to the Bankruptcy Code
Last March, in response to the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) made several changes to the Bankruptcy Code, including those changes discussed in more detail here.
Recent Updates Concerning the Home Mortgage Disclosure Act
The Consumer Financial Protection Bureau (CFPB) has been busy over the last few months laying out what appears to be a broad regulatory agenda. As discussed in this blog, the Bureau has issued an industry notice emphasizing industry preparedness related to COVID-19 forbearance plans, issued proposed COVID-19-related amendments to the Mortgage Servicing Rules, suggested that it will soon issue an NPRM related to Dodd-Frank 1071, and has proposed a delay to the implementation of its Debt Collection Rules, among other things.
Bradley Partner Jonathan Kolodziej Quoted in National Mortgage News on How CFPB's Foreclosure Delay Could Impact Non-QM Lenders and Investors
Bradley attorney Jonathan Kolodziej was quoted in National Mortgage News on how the CFPB's foreclosure delay could impact non-QM lenders and investors. While the CARES Act directed lenders of government-related loans to take certain actions in the face of the pandemic, the CFPB's new proposal for handling mortgages exiting forbearance plans extends to lenders outside of that category and will force them to follow the proposed guidance.
Bradley Partner Mike Gordon Quoted in Bloomberg Government on CFPB's Increased Focus on Mortgage Industry
Bradley attorney Mike Gordon was quoted in Bloomberg Government on the CFPB's increased focus on mortgages under Biden's leadership. The Bureau saw a 60% spike in COVID-19-related complaints last year, and while mortgages only came in fifth among industries in total complaint volume, the CFPB has promised more aggressive enforcement for the mortgage industry under the new administration.