The Department of Housing and Urban Development (HUD) announced it will suspend federal affordable housing funds to a Brooklyn, N.Y. multi-housing operator accused of discriminating against people with disabilities and excluding non-white tenants.
HUD said the action is the first step toward undoing historic patterns of segregation and other types of discrimination that have long denied equitable access to housing opportunity.
Read on for details of the action.
The Consumer Financial Protection Bureau (CFPB) is considering postponing the effective date of two recent debt collection rules to give affected parties more time to comply due to the ongoing COVID-19 pandemic.
The CFPB issued a notice of proposed rulemaking to delay by 60 days the effective date of the rules, issued under the Fair Debt Collection Practices Act.
Read on for details from the bureau.
The Consumer Financial Protection Bureau (CFPB) has proposed a set of rule changes intended to help prevent avoidable foreclosures as the emergency federal foreclosure protections expire.
The proposed amendments would establish a temporary COVID-19 emergency pre-foreclosure review period until Dec. 31, 2021, for principal residences and temporarily permit mortgage servicers to offer certain loan modifications made available to borrowers based on the evaluation of an incomplete application.
Read on for details from the CFPB.
The Consumer Financial Protection Bureau (CFPB) has issued a warning to mortgage servicers that being unprepared is unacceptable.
In a new compliance bulletin, the bureau asked servicers to take all necessary steps now to prevent a wave of avoidable foreclosures this fall. “There is no time to waste, and no excuse for inaction,” acting CFPB Director Dave Uejio said.
Read on for details on how the bureau will determine a servicer’s overall effectiveness.
The performance of first-lien mortgages in the federal banking system declined during the fourth quarter of 2020, according to the Office of the Comptroller of the Currency (OCC).
More than 93 percent of mortgages included in the report were current and performing at the end of the quarter, compared with 96.5 percent a year earlier. The decline is a result of the COVID-19 pandemic and actions taken by banks to comply with the CARES Act, the OCC said.
Read on for more from the OCC.
Conventional home mortgages were the most complained about mortgage type. Those mortgage complaints increased 14 percent from 2019 from the prior two years’ monthly average, and the most common issue consumers reported was trouble during payment process.
The report highlights efforts by the CFPB and Federal Trade Commission to protect consumers who have suffered profound financial impacts due to the COVID-19 pandemic. In 2020, the CFPB engaged in four public enforcement actions arising from alleged FDCPA violations.
Read on for more from the bureau.
Regulatory compliance issues increased 25 percent in the third quarter of 2020, according to a new report from ACES Risk Management (ARMCO).
The overall critical defect rate is the highest since ACES began publishing the QC Trends Report in 2016.
“There is no way to sugarcoat it – Q3 was a volatile quarter for loan quality,” ACES Executive Vice President Nick Volpe said. Read on for details from the report.
Internal opinions of senior leadership and the organization as a whole improved at the Consumer Financial Protection Bureau (CFPB) during Kathy Kraninger’s second year as director, according to the agency’s 2020 Annual Employee Survey results.
Sixty-five percent of the CFPB’s 1,454 full-time equivalent employees responded to the survey. Respondents were informed responses were voluntary and there would be no penalty if they chose not to respond. Read on for details.
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