Banks can delay getting an appraisal for certain real estate-related transactions for up to 120 days after a mortgage closes. The leeway applies only to portfolio loans.
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 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.
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.
The CFPB provides guidance for consumers to protect finances; Democratic senators introduce legislation to prohibit negative credit reporting; federal regulators encourage responsible small-dollar lending.
The Supreme Court justices hearing oral arguments in the CFPB constitutionality case appeared divided, which means any sweeping change to the consumer watchdog is unlikely, according to industry attorneys.
A panel in the Fifth Circuit Court ruled the CFPB’s leadership structure is constitutional. Interestingly, the circuit court last year said the structure of the FHFA — which is similar to the CFPB — is unconstitutional.
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