Today the American Financial Services Association, along with other financial services associations, sent a letter to Securities and Exchange Commission Chairman Jay Clayton, requesting that he apply a current expected credit loss (CECL) final implementation date uniformly for both bank and non-bank financial institutions. This is needed to create parity in reporting obligations for financial companies and to allow them to devote their full attention to meeting consumer and business needs in the wake of COVID-19.

Hudson Cook, LLP has established a Coronavirus Resource Page which contains important documents and links for clients and the consumer credit industry. The firm has also scheduled additional sessions of it's popular Compliance Coffee Break series.

On March 30, the American Financial Services Association joined several other trade associations on a petition to the FCC requesting an immediate ruling, clarification, or waiver regarding parts of the Telephone Consumer Protection Act. Specifically, the petitions asks that certain phone calls utilizing an auto-dialer system and text messages to consumers related to COVID-19 from financial institutions be permitted without the consent of the called party may be permitted pursuant to the TCPA’s “Emergency Purposes Exception.”

During this time of uncertainty, the American Financial Services Association and its member companies are doing their best to help consumers maintain their financial security and flexibility, while also continuing to support the communities where our members live and work. In this unprecedented moment, it is important for us to provide help where we can and to look for ways to perhaps do a bit more.

Truist is pledging $25 million in philanthropic support which will for provide aid for basic needs, medical supplies, and financial hardship across the nation. The company is also offering payment relief and other programs to assist all personal and business customers to help them work through this trying period.

Today, the American Financial Services Association joined with other trade associations on a comment letter to Congressional leaders in support of the SECURE Notarization Act. If enacted, this legislation would expand the usage of Remote Online Notarizations (RONs) nationally. RONs are type of electronic notarization that allows for the notarization process to completed with the notary and signer in different physical locations.

The American Financial Services Association (AFSA), couldn’t help but notice today’s inter-agency notice, in which the Federal Reserve, Federal Deposit Insurance Corporation, National Credit Union Administration, Office of the Comptroller of the Currency, and the Consumer Financial Protection Bureau encouraged financial institutions to expand their consumer lending.

Earlier in March, RSM pledged more than $2.6 million to support its employees and local communities through the COVID-19 pandemic.

Late last night, the Senate agreed to the third coronavirus stimulus package. Media coverage on the bill is comprehensive, but here’s what we think you need to know:

Wells Fargo & Company on March 20 announced additional comprehensive steps to help customers, communities and employees grappling with the impact of COVID-19. The company has suspended residential property foreclosure sales, evictions and involuntary auto repossessions. Additionally, the Wells Fargo Foundation will increase its charitable donations to $175 million to help address food, shelter, small business and housing stability, as well as to provide help to public health organizations.