Legal Seminar

State Collection Impacts  • Outbound collection efforts prohibited/limited

– E.g., DC, Massachusetts, Nevada, North Carolina, D.C.; many other regulators encouraging accommodations of impacted consumers – Wide variety of accommodations are being offered to consumers: extensions, deferrals, interest waivers/adjustments, fee waivers • Collection-related legal activity on hold in many jurisdictions, either by regulation or court restriction/closure (e.g., repossessions, foreclosures, garnishments, etc.) – Impact on statutes of limitation is unclear in many jurisdictions – Avoiding garnishment of stimulus funds

CARES Act Furnishing Requirements • CARES Act reporting requirements for persons in COVID-related extensions or deferments: use pre-enrollment delinquency status • What if creditors use extension/deferment data to inform underwriting decisions, either internally or using data from CRAs? – Potential violation of CARES Act? – Potential ECOA claim? – Necessity of taking ability to repay into account? • Likely wave of FCRA litigation following the crisis