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CFPB Issues No-Action Letter Template to Servicers

May 26, 2020
Yemeng Yang
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.
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CFPB Coordinating COVID Response with Other Agencies

May 26, 2020
Yemeng Yang
The CFPB and the Conference of State Bank Supervisors jointly issued a consumer relief guide detailing borrowers’ rights under the CARES Act.
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Guidelines on ECOA Valuation Rule

May 26, 2020
Yemeng Yang
The bureau recently issued two factsheets addressing transaction coverage and appraisal delivery requirements under the Equal Credit Opportunity Act’s valuation rule.
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Consumer Complaints Hit Record High in April

May 11, 2020
Yemeng Yang
When it comes to coronavirus-related complaints, more than one in five criticisms are about mortgages, according to CFPB Director Kathy Kraninger.
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CFPB Allows Borrowers to Modify Waiting Periods

May 11, 2020
Yemeng Yang
Consumers facing pandemic-related financial emergencies can seek modifications or waivers regarding certain waiting period requirements under the TILA-RESPA Integrated Disclosure and Regulation Z rules.
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CFPB Urges FCC to Allow Certain COVID-19 Robocalls

May 11, 2020
Yemeng Yang
Several trade and consumer groups are lobbying the Federal Communications Commission to exempt robocalls regarding forbearance options during the pandemic from the Telephone Consumer Protection Act.
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Demand for Consumer Credit Turned Sluggish in March

May 11, 2020
Yemeng Yang
Applications for purchase mortgages dropped by 27% in the last week of March compared to the first week of the month. The decline was more pronounced among consumers with higher credit scores.
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Democrats Want HMDA Reporting Suspension Lifted

May 11, 2020
Yemeng Yang
Lawmakers, led by Sen. Sherrod Brown, D-OH, are urging Director Kathy Kraninger to not weaken the bureau’s ability to identify discriminatory lending patterns, particularly during the pandemic.
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CFPB Appointees Accused of Manipulating Payday Rule

May 11, 2020
Yemeng Yang
A former economist at the CFPB on his last day accused Trump appointees at the bureau of manipulating the research process to justify the payday lend-ing rule overhaul, according to a leaked memo.
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Fair Lending Obligations Under PPP Reiterated

May 11, 2020
Yemeng Yang
The CFPB reminded lenders to ensure compliance with fair lending obligations when handling applications under the Paycheck Protection Program.
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