CFPB: Report on Debt Settlements and Credit Counseling Released
The Consumer Financial Protection Bureau (Bureau) released a report today examining recent trends in debt settlement and credit counseling. Many Americans struggle with their debts, especially during times of crisis. Today’s report documents changes over time in how consumers have used these debt relief options for unsecured debt. Using the Bureau’s Consumer Credit Panel (CCP),…
FEMA: President Trump Approves Major Disaster Declaration for Utah due to Earthquake
FEMA announced that federal disaster assistance has been made available to the state of Utah to supplement state and local recovery efforts in the areas affected by an earthquake during the period of March 18 to April 17, 2020. The President’s action makes federal funding available to affected individuals in Davis and Salt Lake counties….
FEMA: President Trump Approves Major Disaster Declaration for Michigan due to Severe Storms and Flooding
FEMA announced that federal disaster assistance has been made available to the state of Michigan to supplement state, tribal and local recovery efforts in the areas affected by severe storms and flooding from May 16-22, 2020. The President’s action makes federal funding available to affected individuals in Arenac, Gladwin, Iosco, Midland and Saginaw counties. Assistance…
FHFA: COVID-Related Loan Processing Flexibilities Extended Through August
The Federal Housing Finance Agency (FHFA) announced today that Fannie Mae and Freddie Mac (the Enterprises) will extend several loan origination flexibilities until August 31, 2020 to ensure continued support for borrowers during the COVID-19 national emergency. The flexibilities were set to expire on July 31, 2020. Extended flexibilities include: Alternative appraisals on purchase and…
Census Bureau: Weekly Household Pulse Survey Data Released
The Census Bureau today released new data from the experimental Household Pulse Survey. The Household Pulse Survey is the result of an effort by the Census Bureau and other federal statistical agencies to document temporal trends in how individuals are experiencing business curtailment and closures, stay-at-home orders, school closures, changes in the availability of consumer goods…
HUD: FHA Expands Home Retention Measures for Homeowners Financially Impacted by COVID-19
Streamlined loss mitigation options will help more homeowners avoid foreclosure The Federal Housing Administration (FHA) today announced additional home retention measures to help homeowners with FHA-insured single family mortgages who are financially impacted by the COVID-19 pandemic to bring their mortgage current at the end of their COVID-19 forbearance. Effective immediately, mortgage servicers will be able to…
HUD: Eviction Prevention and Stability Toolkit Released in Latest COVID-19 Response Effort
Toolkit is the most recent effort by the Department to identify individuals who have felt the economic impact of Coronavirus and provide a range of resources to support housing stability U.S. Department of Housing and Urban Development (HUD) Secretary Ben Carson today announced the “Eviction Prevention and Stability Toolkit” to encourage Public Housing Authorities (PHA)…
Federal Reserve: New Examination Procedures for CARES Act Released
The Board of Governors of the Federal Reserve (Board) recently developed the attached examination procedures for the credit reporting and mortgage servicing provisions of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act)1. The CARES Act was signed into law on March 27, 2020, to provide relief to those who are impacted by the…
CFPB: Final Rule on Small Dollar Lending Issued
The Consumer Financial Protection Bureau today issued a final rule concerning small dollar lending in order to maintain consumer access to credit and competition in the marketplace. The final rule rescinds the mandatory underwriting provisions of the 2017 rule after re-evaluating the legal and evidentiary bases for these provisions and finding them to be insufficient….
SBA: Paycheck Protection Program Loan Data Released
The U.S. Small Business Administration, in consultation with the Treasury Department, today announced it was releasing detailed loan-level data regarding the loans made under the Paycheck Protection Program (PPP). This disclosure covers each of the 4.9 million PPP loans that have been made. “The PPP is providing much-needed relief to millions of American small businesses,…