July 11, 2020

Volume X, Number 193

July 10, 2020

Subscribe to Latest Legal News and Analysis

July 09, 2020

Subscribe to Latest Legal News and Analysis

CFPB publishes a financial toolkit for victims of Hurricane Harvey

On September 5, the Consumer Financial Protection Bureau (CFPB) published a blog post regarding what to do in the event of a natural disaster like Hurricane Harvey.  The CFPB recommends that affected consumers consolidate their financial information by using a checklist and take the following steps after their most urgent needs (like food and safety) have been met:

  1. start the claims process by calling the insurance company;

  2. register for FEMA assistance;

  3. contact their mortgage servicer and tell them about the situation, including damage to the home;

  4. contact their credit card company and any other creditors to explain the situation before the next payment is due; and

  5. contact utility companies to suspend service if the home is too damaged to live in.

The CFPB also provides a number of resources to assist consumers:

Finally, the CFPB warns consumer of the increased risk of fraud and provides tips on how to avoid common scams, such as fake charities and contractors selling repairs door-to-door.

Previously, we wrote about guidance from HUD, the Department of Veterans Affairs, Freddie Mac, and Fannie Mae, as well information from the banking agencies regarding Hurricane Harvey.

Copyright © by Ballard Spahr LLPNational Law Review, Volume VII, Number 249


About this Author

Pavitra Bacon, Ballard Spahr Washington DC office, consumer financial services, regulatory compliance  class action litigation, government enforcement matters attorney

Pavitra Bacon counsels providers of consumer financial services, including banks, on regulatory compliance matters, and has successfully represented such providers in class action litigation and government enforcement matters. She advises clients on multifaceted regulatory issues related to student lending, mortgage origination and servicing, lender-placed insurance, information privacy, and credit cards. Her practice focuses on federal and state consumer protection laws, including the Truth-in-Lending Act (TILA); the Telephone Consumer Protection Act (TCPA); the Equal Credit Opportunity...