Even though the CARES Act grants relief from adverse credit reporting, some borrowers in forbearance plans have complained of a drop in their credit scores.
Some trade and consumer groups also expressed concerns over the timing of the request for information, calling upon the CFPB to extend the comment period.
An updated budget proposal does not scale back the funding needed to create a state-level CFPB despite an anticipated drop in revenue due to the coronavirus pandemic.
The proposal allows HELOC lenders and credit card issuers to choose a replacement index that is newly established and has no history, or one that is not new but has a track record.
A district court in Delaware denied a motion for the entry of a consent judgment because the law firm that signed the settlement lacked authority from the defendants.
Mortgage servicers could violate the CARES Act if they require documentation from borrowers to prove financial hardship or deny forbearance once it’s properly requested, warned the CFPB.
The CFPB updates its examination manual for reverse-mortgage servicing; states extend work-from-home guidance for mortgage loan officers; the bureau settles with short-term lenders and more.
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.
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.
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