Troutman Pepper’s COVID-19 Consumer Financial Services Weekly Bulletin – Finance and Banking

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United States: Troutman Pepper Consumer Financial Services COVID-19 Weekly

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Like most industries today, consumer finance service companies are significantly affected by the novel coronavirus (COVID-19). Troutman Pepper has developed a dedicated COVID-19 resource center to guide clients through this unprecedented global health challenge. We regularly update this site with COVID-19 news and developments, recommendations from leading healthcare organizations, and tools businesses can use for free.

Our banking and loan clients are also facing new challenges affecting their industry as a result of COVID-19, particularly the ever-changing rules and regulations regarding evictions and foreclosures. We are following these updates closely and have assembled an interactive tracking tool with state orders and guidance material regarding residential lockdowns and eviction moratoria. You can access this interactive tool at https://covid19.troutman.com/.

To help you stay on top of relevant activities, below is a breakdown of some of the biggest COVID-19-related events at the federal and state levels that have impacted the fundraising services industry. consumption last week:

Federal activities:

  • On June 10, President Joe Biden announced that the United States was planning to donate 500 million doses of Pfizer COVID-19 vaccine globally as part of its efforts to reaffirm U.S. leadership on the world stage. The move will also serve to counter efforts by Russia and China to use their own publicly funded vaccines to expand their global influence. For more information, click here.
  • On June 9, the Occupational Safety and Health Administration (OSHA) released its long-awaited interim final rule and request for comment on occupational exposure to COVID-19; Temporary Emergency Standard (ETS). The ETS is limited to covered healthcare employers and excludes from coverage certain healthcare workplaces that have a fully immunized workforce and that exclude people potentially infected with COVID-19. The rule takes effect on the date of its publication in
    Federal Register with compliance deadlines which vary according to the sections of the ETS. For more information, click here.

State activities:

  • On June 11, Connecticut Attorney General William Tong and DC Attorney General Karl Racine led a coalition of 23 attorneys general to file a brief with the Supreme Court, supporting the Centers for Disease Control and Prevention (CDC) which prohibits evictions during the COVID-19 pandemic. “Lifting this suspension would trigger a disastrous wave of sudden deportations across the country and into Connecticut. It would be highly unusual for the Supreme Court to intervene at this point. The CDC order is legal, necessary to protect public health and must remain in place, “said Attorney General Tong. For more information, click here.
  • On June 8, California Attorney General Rob Bonta warned “financial institutions, creditors and debt collectors that it is illegal to seize federal child tax credit payments for individual debts in California. “. In his statement, Attorney General Bonta reminded financial institutions that Governor Newsom’s executive order of April 23, 2020 makes any garnishment illegal because it is financial assistance provided due to the COVID-19 pandemic. For more information, click here.
  • The Idaho Department of Finance is expected to extend its temporary guidelines until December 31, 2021, allowing remote work without a branch license. License holders must still adhere to the safety requirements listed in the original guidelines. For more information, click here.

Privacy and cybersecurity activities:

  • On June 11, Troutman Pepper released a brief overview of President Biden’s Presidential Order (EO) signed on May 12. “This EO calls on both the federal government and the private sector to identify, deter, detect and respond to cyber incidents.” OE appears to be responding to the significant increase in cyber attacks by cybercriminals, potentially linked to the increase in remote workforce due to COVID-19. One of the main points to remember is that the ‘EO should remind all companies [to] Evaluate their information security program and practices “as the Biden administration may update and adopt additional security practices in the future. To learn more about other notable EO requirements, click here.
  • On June 8, the Massachusetts Attorney General’s Office released a report detailing the increase in ransomware attacks and stressing the importance of protecting data. The COVID-19 pandemic has increased the risk of ransomware for many organizations, such as hospitals, governments, and universities. The report warned that “[a]All organizations, regardless of industry, size or location, must recognize that no business is immune to being the target of ransomware, “and Attorney General Maura Healy” strongly encourages[d] all Massachusetts businesses and government organizations to take appropriate steps to strengthen data security and ensure that their computer networks are secure as required by law. Click here.
  • On June 7, it was reported that as California reaches nearly 40 million people vaccinated through the state’s cash incentive program, “the flood of related medical information is raising new concerns about Californian Health Data Privacy “. These concerns stem from the increased proliferation among non-clinical entities, such as employers, pharmacies, community health organizations, and telehealth providers of medical patient data on third-party platforms. In addition, these concerns are associated with updates to privacy laws, such as the Federal Health Insurance Portability and Accountability Act (HIPPA) – for example, emergency waivers to put protected information available to fight against the pandemic. The emergence of immunization verification systems linking the health status and identity of vaccinated patients has sparked debates around the effectiveness of systems design, implementation and confidentiality. For those who want to know more, click here.

The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought regarding your particular situation.

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