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Inside the CFPB

May 26, 2020

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OCC’s CRA Final Rule Makes Mortgage Accommodations

The Office of the Comptroller of the Currency last week went it alone to finalize its Community Reinvestment Act overhaul. The final rule would restore the geographic distribution test for mortgage lending. Read More

Servicers Offering GSE Deferral Option Risk RESPA Violation

A new COVID-19 payment deferral option provided by Fannie Mae and Freddie Mac that doesn’t require borrowers to submit a complete response package may lead to violations under the CFPB’s loss-mitigation rules, attorneys cautioned. Read More

CA Legislation May Cause Disruptions, Industry Warns

New legislation, which passed the California Assembly Banking and Finance Committee last week, would create “duplicative and sometimes contradictory requirements” for the mortgage industry when viewed alongside federal rules, industry groups warned. Read More

Two Mortgage Firms Settle CFPB Charges

The CFPB resumed its public enforcement activities this month with settlements with Specialized Loan Servicing and Monster Loans. Read More

Credit Card Issuers Granted Flexibility in Billing Disputes

The CFPB recently issued guidance to provide flexibility to credit card issuers in resolving billing disputes with small businesses impacted by the coronavirus pandemic. Read More

CFPB Issues No-Action Letter Template to Servicers

Mortgage servicers can use the template to apply for a no-action letter to cover their use of Brace Software for online loss-mitigation applications. Read More

CFPB Coordinating COVID Response with Other Agencies

The CFPB and the Conference of State Bank Supervisors jointly issued a consumer relief guide detailing borrowers’ rights under the CARES Act. Read More

Guidelines on ECOA Valuation Rule

The bureau recently issued two factsheets addressing transaction coverage and appraisal delivery requirements under the Equal Credit Opportunity Act’s valuation rule. Read More

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