CFPB: FAQs Issued to Support Small Businesses Applying for PPP Loans
The Consumer Financial Protection Bureau today issued clarifying FAQs to support small businesses who have applied for a loan from their financial institution under the Small Business Administration’s (SBA) Paycheck Protection Program (PPP). Creditors are generally required under the Equal Credit Opportunity Act and Regulation B to notify applicants within 30 days of receiving a…
CFPB: Paving the Way for Consumers Facing Financial Emergencies to Obtain Access to Mortgage Credit More Quickly
Today, the Consumer Financial Protection Bureau (Bureau) took steps to make it easier for consumers with urgent financial needs to obtain access to mortgage credit more quickly in the middle of the COVID-19 pandemic. “The steps we are taking today will help consumers facing financial emergencies obtain access to mortgage credit faster,” said CFPB Director…
CFPB: Final Rule Issued Raising Data Reporting Thresholds Under HMDA
The Consumer Financial Protection Bureau (Bureau) issued a final rule raising the loan-volume coverage thresholds for financial institutions reporting data under the Home Mortgage Reporting Act (HMDA). The final rule, amending Regulation C, increases the permanent threshold for collecting and reporting data about closed-end mortgage loans from 25 to 100 loans effective July 1, 2020….
CFPB: FHFA and CFPB Announce Borrower Protection Program
Today, the Consumer Financial Protection Bureau (CFPB) and the Federal Housing Finance Agency (FHFA) announced the Borrower Protection Program (the Program), a new joint initiative that enables CFPB and FHFA to share servicing information to protect borrowers during the coronavirus national emergency. Under the program, the CFPB will make complaint information and analytical tools available…
Federal Banking Agencies to Defer Appraisals and Evaluations for Real Estate Transactions Affected by COVID-19
The federal banking agencies today issued an interim final rule to temporarily defer real estate-related appraisals and evaluations under the agencies’ interagency appraisal regulations. The Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency are providing this temporary relief to allow regulated institutions to extend financing to…
CFPB: Bureau Paves Way for Consumers to Receive Economic Impact Payments Quicker
Today the Consumer Financial Protection Bureau (Bureau) took steps to make it easier for consumers to receive pandemic-relief payments, including the economic impact payments authorized in the CARES Act, through prepaid accounts. Federal, State, and local governments are considering a variety of approaches to providing consumers relief from the economic impacts of the COVID-19 pandemic….
CFPB: Guidance on Remittance Transfers During COVID-19 Pandemic
Today the Consumer Financial Protection Bureau (Bureau) took steps to ensure that consumers will be able to continue to send remittance transfers without disruption during the COVID-19 pandemic. The pandemic is having a significant impact on consumers’ finances, both here and around the world, and many consumers rely on remittance transfers to send money from…
Revised Interagency Statement on Loan Modifications for Working with Customers Affected by the Coronavirus
The federal financial institution regulatory agencies (the agencies), in consultation with state financial regulators, issued a revised interagency statement encouraging financial institutions to work constructively with borrowers affected by COVID-19 and providing additional information regarding loan modifications. The revised statement also provides the agencies’ views on consumer protection considerations. The revised statement clarifies the interaction…
CFPB: Video Released on How Mortgage Forbearance Works under the CAREs Act
The Consumer Financial Protection Bureau (Bureau) has released a video on how struggling homeowners can obtain mortgage forbearance if their finances are impacted due to the COVID-19 pandemic. The Bureau has also issued additional information for consumers on mortgage and student loan payment relief and how to avoid scams. Below are the resources for consumers:…
Federal Agencies Encourage Mortgage Servicers to Work with Struggling Homeowners Affected by COVID-19
The federal financial institution regulatory agencies and the state financial regulators issued a joint policy statement providing needed regulatory flexibility to enable mortgage servicers to work with struggling consumers affected by the Coronavirus Disease (referred to as COVID-19) emergency. The actions announced today by the agencies inform servicers of the agencies’ flexible supervisory and enforcement…