Compliance Stuff

On April 3, 2025, the White House Office of Management and Budget (OMB) released two memoranda, M-25-21 and M-25-22, regarding federal agencies’ use and acquisition, respectively, of artificial intelligence (AI) systems. Among other strategies oriented towards the Trump administration’s priorities of driving AI innovation,  M-25-21  and  M-25-22  require “covered agencies”—“any executive department, military department, Government corporation, Government controlled corporation, or other establishment in the executive branch of the Government … or independent regulatory agency,” subject to specific exclusions as set forth in 44 U.S.C. § 3502(1)—to (1) publish, by September 30, 2025, an AI Strategy identifying and removing barriers to responsible AI use, and (2) issue, by December 29, 2025, detailed policies setting the terms for acceptable use and procurement of AI. Several federal agencies—including the  U.S. Department of Homeland Security  (DHS),  U....

  Signed into law March of 2020, The Coronavirus Aid Relieve and Economic Security Act was a stimulus bill to assist with the economic issues resulting from COVID-19.     On February 9, 2024, the Department of Veterans Affairs (VA) issued a circular that reiterates the options for disaster modifications and loan deferment and extends the options available for borrowers affected by COVID-19 through May 31, 2024.  According to the circular, a servicer can provide a VA disaster modification without VA preapproval until May 31 regardless of the borrower's enrollment in a COVID-19 forbearance plan, COVID-19's impact on the default.    The VA is allowing for disaster extend modifications to extend the loan's original maturity date up to 18 months, instead of the standard 12 months, if the loan is modified no later than May 31, 2024.   Regarding requirements and restrictions, the circular will also grant servicers the flexibility to offer loan deferment ...