The CFPB finalized its mortgage servicing protections rule Monday designed to facilitate a smooth transition as federal foreclosure moratoriums expire. The final rule acknowledges CUNA’s comments about the proposal’s insufficient tailoring and its potential to do more harm than good.
The Consumer Financial Protection Bureau (CFPB) recently issued sets of frequently asked questions on Electronic Fund Transfer Act and Regulation E requirements, as well as servicing escrow accounts under Regulation X.
NCUA this week issued a Regulatory Alert (21-RA-06) to federally insured credit unions addressing the Consumer Financial Protection Bureau finalizing the delay of its Qualified Mortgage (QM) rule. The mandatory compliance date is now Oct. 1, 2022.
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