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Overview
Major components of the CARES Act and ongoing legislative efforts to counter COVID-19’s economic impact focus on providing financial accommodations to consumers and credit to small businesses suffering hardship from the pandemic. Implementation of the CARES Act’s programs and compliance with its requirements present a wide range of challenges to financial services companies. These challenges already have triggered disputes and litigation. More litigation is sure to follow based on new theories of liability, as well as old theories adapted to a new landscape. In this Briefing, seasoned counselors and litigators with divergent perspectives—Julia B. Strickland on the defense side, John J. Roddy on the plaintiff’s and Quyen T. Truong on the regulatory—will address the CARES Act’s pitfalls and litigation risks as well as how to attempt to navigate those pitfalls and minimize those risks, while complying with the letter and spirit of the new requirements.
Topics will include:
- An update on key developments concerning the CARES Act, evolving legislation and regulations related to financial services
- Pending litigation related to the Act
- The potential for enforcement activities related to the Act
- The potential for a private right of action under the Act
- Theories of liability for non-compliance
- Theories of liability for deceptive and unfair practices
- Fair lending risks
- Credit reporting, mortgage servicing and debt collection risks
- Potential whistleblower claims
Program Level: Update
Intended Audience: In-house counsel, outside attorneys, financial advisors and other allied professionals in the financial services industry
Prerequisites: None
Advanced Preparation: None