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.

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.

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.

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

When it comes to coronavirus-related complaints, more than one in five criticisms are about mortgages, according to CFPB Director Kathy Kraninger.

If the CFPB does not resume vigorous oversight of credit reporting agencies and furnishers, the states will step up and fill the vacuum, AGs warned.

CFPB advisory committees to meet May 1; borrowers with DTI ratios exceeding 43% barred from California Housing Finance Agency programs; forbearance and foreclosure requirements in Massachusetts.

Attorneys have cautioned mortgage servicers about the potential fair lending risks that may arise from their handling of forbearance and loan-modification requests due to the pandemic.

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.