CFPB: Agency Provides Flexibility During COVID-19 Pandemic
The Consumer Financial Protection Bureau (Bureau) today announced that it is providing needed flexibility to enable financial companies to work with customers in need as they respond to the COVID-19 pandemic. The Bureau is postponing some data collections from industry on Bureau-related rules to allow companies to focus on responding to consumers in need and…
CFPB: Resources for Consumers During COVID-19 Pandemic
The Consumer Financial Protection Bureau (Bureau) has recently released several resources to help consumers take steps to protect their finances during the COVID-19 pandemic, including how to avoid financial scams and submit complaints to the Bureau. “During this difficult time, the Bureau is doing everything it can to facilitate the work of responsible financial companies…
Agencies Provide Additional Information to Encourage Financial Institutions to Work with Borrowers Affected by COVID-19
The federal financial institution regulatory agencies and the state banking regulators issued an interagency statement encouraging financial institutions to work constructively with borrowers affected by COVID-19 and providing additional information regarding loan modifications. The agencies encourage financial institutions to work with borrowers, will not criticize institutions for doing so in a safe and sound manner,…
CFPB: Director Kraninger Statement on Joint HUD-FHFA Announcement on Foreclosure and Eviction Moratorium
Consumer Financial Protection Bureau Director Kathleen L. Kraninger made the following statement today after the U.S. Department of Housing and Urban Development and the Federal Housing Finance Agency announced a moratorium on foreclosures and evictions: “The actions taken today by HUD and FHFA are timely and an important step in providing assurance to consumers. I…
Agencies Encourage Financial Institutions to Meet Financial Needs of Customers and Members Affected by Coronavirus
Federal financial institution regulators and state regulators today encouraged financial institutions to meet the financial needs of customers and members affected by the coronavirus. The agencies recognize the potential impact of the coronavirus on the customers, members, and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject to their supervision….
CFPB: Key Steps to Prevent Consumer Harm Announced Including Proposed Whistleblower Award Program
The Consumer Financial Protection Bureau (Bureau) today announced three steps to advance its strategy on one of its key priorities: preventing consumer harm. The Bureau is: Implementing an advisory opinion program to provide clear guidance to assist companies in better understanding their legal and regulatory obligations through advisory opinions; Amending and reissuing its responsible business…
Federal Banking Agencies to Host the 2020 National Interagency Community Reinvestment Conference in Denver, CO
The 2020 National Interagency Community Reinvestment Conference takes place in Denver from March 9 to 12. The conference is hosted by the three federal banking agencies, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency, and the Federal Reserve Banks of…
FHFA: CFPB and FHFA Release Additional Data from the National Survey of Mortgage Originations for Public Use
Details Borrower’s Experiences Obtaining a Mortgage The Federal Housing Finance Agency (FHFA) and the Consumer Financial Protection Bureau (CFPB) today released additional loan-level data for public use collected through the National Survey of Mortgage Originations (NSMO). The data provide insights into borrowers’ experiences in getting a residential mortgage. The NSMO is a component of the National Mortgage…
CFPB: U.S. Department of Education and CFPB Sign Memorandum of Understanding to Better Serve Student Loan Borrowers
The Consumer Financial Protection Bureau (Bureau) and the U.S. Department of Education (ED) announced a new coordination agreement in order to better serve student loan borrowers. Under the newly signed Memorandum of Understanding (MOU) the agencies will share complaint information from borrowers and meet quarterly to discuss observations about the nature of complaints received, characteristics…
CFPB: No-Action Letter Issued to Facilitate Housing Counseling Services for Prospective Home Buyers
The Consumer Financial Protection Bureau (Bureau) granted a no-action letter (NAL) to Bank of America, N.A. regarding the bank’s funding arrangements with housing counseling agencies (HCAs) certified by the U.S. Department of Housing and Urban Development (HUD). NALs provide increased regulatory certainty through a statement that the Bureau will not bring a supervisory or enforcement…