• May 3: CFPB - Debt collection practices in connection with the global pandemic (Regulation F). The Bureau of Consumer Financial Protection has issued this interim final rule which concerns certain conduct on the part of debt collectors associated with an eviction moratorium issued by the Centres for Disease Control and Prevention (CDC) in response to the global pandemic. The new rule requires debt collectors to provide notice in writing to certain consumers that describes the protection that the CDC eviction moratorium affords them and prohibits misrepresentations about consumers' ineligibility for protection under such a moratorium.
• May 4: SEC - Investment advisor marketing. The Securities and Exchange Commission has updated its rules that govern this to create a merged rule that replaces both the advertising and cash solicitation rules. This is in line with market developments and regulatory changes since the advertising rule's adoption in 1961 and the cash solicitation rule's adoption in 1979. The SEC is also changing Form ADV to provide itself with additional information about advisors' marketing practices and is also changing the "books and records" rule issued under the Investment Advisors Act 1940.
• May 10: Federal Reserve Board - the role of supervisory guidance. The Fed is adopting a final rule that codifies the Interagency Statement Clarifying the Role of Supervisory Guidance, issued by it and many other agencies on September 11 2018. By codifying that statement, with amendments, the final rule confirms that the Fed will continue to follow and respect the limits of administrative law when carrying out its supervisory responsibilities.
• May 10: Municipal Securities Rulemaking Board - Retiring outdated interpretive guidance. As part of an undertaking to review its interpretive guidance catalogue retrospectively, the MSRB will "retire 15 pieces of guidance" that it considers either outdated or superfluous.
• May 10: Federal Reserve Board - Rules regarding availability of information. The committee is issuing a final rule to clarify and update its regulation implementing the Freedom of Information Act.
• May 12: Commodity Futures Trading Commission - Swap execution facilities. The regulator is promulgatinng final rules to deal with operational problems that face swap execution facilities and their participants in the market in connection with its requirements for a facility's audit trail data, financial resources and chief compliance officer.
• May 13: CFTC - Bankruptcy regulations to be amended to govern the bankruptcy proceedings of commodity brokers.

Comment Deadlines

• May 5: FINRA - Proposed rule change to extend the effective date of the temporary amendments set forth in SR-FINRA-2020-026 and SR-FINRA-2020-043 from April 30 to June 30. Interested parties should submit their view on this today.
• May 7: Bureau of Consumer Financial Protection - Debt collection practices in connection with the global pandemic (Regulation F). The CFPB is issuing this interim final rule to amend Regulation F, see above.
• May 10: CFPB - Protection for borrowers affected by the COVID-19 emergency under the Real Estate Settlement Procedures Act (RESPA). The CFPB is seeking comments about its proposal to amend Regulation X, which was issued in accordance with the Act. This is to help borrowers affected by the pandemic to have an opportunity to be evaluated for loss mitigation before the initiation of foreclosure. The idea is to establish a temporary COVID-19 emergency pre-foreclosure review period until December 31 2021 for principal residences. In addition, the CFPB wants, temporarily, to permit mortgage servicers to offer certain loan modifications made available to borrowers experiencing pandemic- related hardship in accordance with "the evaluation of an incomplete application." The bureau also wants to amend the obligations regarding early intervention and "reasonable diligence" that Regulation X imposes on mortgage servicers.

* Cadwalader, Wickersham & Taft can be reached on +1 212 504 6000 or at cwtinfo@cwt.com