Legislative and regulatory updates announced Thursday include an executive order and an extension to New York state’s eviction moratorium from Gov. Andrew Cuomo, guidance from the CFPB and announcements from the NCUA that it will hold a hearing with banking regulators and expand its methodology in determining credit unions’ low-income designations.
Executive order. A Thursday evening Executive Order from Gov. Andrew Cuomo extends all modifications to laws as set forth in Executive Orders 202-202.14 through June 6, 2020. This includes the remote electronic notarization process. Click this link to read the governor’s full Executive Order, which essentially extends all of his COVID-19 related Orders through 202.14, albeit with certain modifications, all of which can be reviewed in the Executive Order. Read more from Henry Meier here.
Eviction moratorium. Gov. Andrew Cuomo issued an extension on the eviction moratorium through August 20, 2020. This includes issues like the extension of his moratorium on evictions in New York State through August 20. To read the details on this decision, click here.
CFPB. The CFPB issued an updated FAQ sheet relating to the handling of applications for SBA’s Paycheck Protection Program loans, clarifying what qualifies as a “completed application,” as well as information about timeframes related to the ECOA and Regulation B. The CFPB press release can be accessed here. The New York Minute article can be accessed here.
NCUA. The Senate Banking Committee announced it will hold a hearing on Tuesday, May 12, including banking regulators (NCUA, FDIC, Fed, OCC). This “Oversight of Financial Regulators” hearing will be held at 10 a.m. and can be live streamed here. NCUA also announced that it is expanding its methodology in determining credit unions’ low-income designations. The New York Minute article can be accessed here.