The Consumer Financial Protection Bureau (CFPB) has published an interim final rule (IFR) to help mortgage servicers better assist consumers transition out of financial hardship caused by the COVID-19 pandemic.
The IFR makes it clear that servicers do not violate Regulation X by offering certain COVID-19-related loss-mitigation options based on an evaluation of limited application information collected from the borrower.
Read on for more details from the CFPB’s IFR.
The Federal Financial Institutions Examination Council (FFIEC) has made 2019 mortgage lending data available on transactions at financial institutions covered by the Home Mortgage Disclosure Act (HMDA).
The data helps the public assess how financial institutions are serving the housing needs of their local communities and facilitate federal financial regulators’ fair lending, consumer compliance and Community Reinvestment Act examinations.
Read on for more details from the FFIEC.
The Consumer Financial Protection Bureau’s (CFPB) announced it will provide a temporary “QM patch” extension.
The CFPB issued two Notices of Proposed Rulemaking to address the impending expiration of the Ability-To-Repay/Qualified Mortgage (ATR/QM) rule. The rule created the patch as a temporary QM definition that also provides QM status to certain mortgage loans eligible for purchase or guarantee by Fannie Mae or Freddie Mac.
Read on for more from the CFPB and National Association of Realtors.
The Office of the Comptroller of the Currency (OCC) has approved an interim final rule that will reduce assessments due to be paid to the OCC this fall.
This interim final rule provides temporary relief against the adverse impact of COVID-19 on national banks, federal savings associations and federal branches and agencies of foreign banks.
Read on for details from acting Comptroller of the Currency Brian Brooks.
The Consumer Financial Protection Bureau has created a pilot advisory opinion (AO) program to provide clear rules to regulated entities.
Companies and individuals uncertain about regulatory requirements may submit a request through the AO program. The bureau then will select topics based on the program’s priorities and make the responses available to the public.
Read on for more on the AO program – which will build on the bureau’s other guidance efforts.
The Federal Housing Administration (FHA) and Federal Housing Finance Agency (FHFA) have extended their foreclosure and eviction moratoriums to work with borrowers impacted by COVID-19.
The guidance to homeowners with FHA-insured single family and reverse mortgages. It also directs mortgage servicers to halt all new foreclosure actions and suspend all foreclosure actions currently in process and cease all evictions of persons from FHA-insured single-family properties.
Read on for more from the FHA and FHFA.
The Consumer Financial Protection Bureau (CFPB) has released an online resource to help communities form networks to help prevent and respond to elder financial abuse.
The Elder Fraud Prevention and Response Networks Development Guide consists of planning tools, templates and exercises to make it easier to create a collaborative network to fight elder fraud or refresh or expand an existing network.
Read on for more from CFPB Director Kathy Kraninger.
The Consumer Financial Protection Bureau (CFPB) and the Conference of State Bank Supervisors (CSBS) have issued joint guidance to help mortgage servicers comply with CARES Act forbearance provisions.
Servicers of federally-backed mortgages must grant forbearance to borrowers with pandemic-related hardships that may last as long as a year. But how the CARES Act relates to rules or guidelines from regulators might not always be clear.
Read on for details from the CFPB and CSBS.
The Consumer Financial Protection Bureau (CFPB) has issued guidance that provides temporary and targeted flexibility for credit card issuers regarding electronic provision of certain disclosures required to be in writing.
The bureau said the action will help consumers get faster relief from their credit card issuer.
Read on for specifics on the CFPB’s new approach to electronic credit card disclosures, plus reaction from the National Association of Federally-Insured Credit Unions.
The Office of the Comptroller of the Currency has issued an interim final rule to clarify that all community banks may permit telephonic and electronic participation at all board of directors, shareholder and member meetings.
Comments on the rule must be received no later than July 13.
Read on for details on the rule amendments, which are permanent and will not expire after the COVID-19 emergency has ended.
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