CUNA supports the CFPB Regulation X amendments regarding streamlined modifications, but strongly objects to a proposed moratorium on foreclosures until 2022. The CFPB proposals would generally prohibit mortgage servicers from starting foreclosure until after Dec. 31, 2021.
The CFPB finalized the delay of the mandatory compliance date of the General QM final rule to Oct. 1, 2022 Tuesday. CUNA has concerns about the CFPB’s stated intention to review and revise the General QM definition.
CUNA Chief Compliance Officer & Counsel Jared Ihrig and Senior Director of Advocacy and Counsel Alexander Monterrubio addressed what Consumer Financial Protection Bureau (CFPB) supervision will mean for credit unions, particularly over the next several years, during a webinar Thursday.
The Consumer Financial Protection Bureau (CFPB) Wednesday proposed extending the effective date of two recent debt collection rules to January 29, 2022. This is 60 days after the currently scheduled effective date of Nov. 30, 2021.
The CFPB's stated intention to review the General QM rule brings uncertainty and instability to the mortgage financing system, CUNA wrote in response to a statement indicating it would review the General QM Final Rule, finalized on December 10, 2020.
The CFPB proposed a set of rule changes intended to prevent foreclosures and assist consumers as the emergency federal foreclosure protections expire, including temporary amendments to Regulation X’s mortgage servicing requirements regarding loss mitigation
The CFPB announced Wednesday it is rescinding seven policy statements issued last year that provided temporary flexibilities to financial institutions in consumer financial markets including mortgages, credit reporting, credit cards, and prepaid cards.
The CFPB Thursday announced it is rescinding its January 24, 2020 policy statement, “Statement of Policy Regarding Prohibition on Abusive Acts or Practices.” Going forward, the CFPB intends to exercise its supervisory and enforcement authority consistent with the full scope of its statutory authority under Dodd-Frank.
The Senate Committee on Banking, Housing, and Urban Affairs Wednesday voted to advance the nomination of Rohit Chopra to serve at the next director of the CFPB. Chopra is currently a commissioner with the Federal Trade Commission.