Democratic senators criticized the CFPB’s response to the economic pain caused by COVID-19 as “tepid and inefficient.” Meanwhile, the bureau’s former director, Richard Cordray, outlined his suggestions.

The CFPB and other federal financial regulators last week reminded servicers and lenders of consumer protection requirements in updated guidance on loan modifications, while giving broad discretion to implement prudent modification programs.

The Comptroller of the Currency is moving forward with its plan to modernize the Community Reinvestment Act despite calls for a delay due to the coronavirus.

CFPB examiners continue to work from home; enforcement action against a short-term lender; FTC’s suggestions on the use of artificial intelligence and algorithms.

The CFPB has eased reporting of quarterly HMDA data. Nevertheless, the bureau is continuing with its supervisory activities and other essential functions.

Industry stakeholders have 30 more days to submit their feedback on a proposed rule that would require debt collectors to make certain disclosures under the Fair Debt Collection Practices Act.

Federal agencies will give “favorable consideration” under the Community Reinvestment Act to banks that help low- and moderate-income borrowers offset the economic impact of the coronavirus.

The CFPB, along with other federal and state regulators, will not criticize financial institutions for certain loan modifications offered to borrowers facing coronavirus-related economic hardships.

Mortgage lenders and servicers are facing compliance challenges due to a patchwork of coronavirus-related forbearance efforts at the federal, state and local levels, according to industry attorneys.

The full Fifth Circuit Court will review the constitutionality of the CFPB’s leadership structure, vacating a panel decision issued earlier in the month.