CUNA generally supports the Consumer Financial Protection Bureau’s (CFPB) interim final rule to temporarily permit mortgage servicers to offer certain loss mitigation options for borrowers experiencing financial hardships due COVID-19 emergency, but submitted several additional suggestions in its comment letter filed Friday.
CUNA President and CEO Jim Nussle initially requested the CFPB provide temporary flexibility for certain requirements related to loss mitigation efforts during the COVID-19 emergency in a March 16 letter to CFPB Director Kathy Kraninger.
“We appreciate the CFPB’s responsiveness to that request, as shown through ... promulgation of this interim final rule,” the letter reads. “[W]e are pleased that covered credit unions and their impacted borrowers have benefited from the relief afforded by this timely update to Regulation X.”
In addition to that general support, CUNA recommends the CFPB: