Archive

CFPB SMALL ENTITY COMPLIANCE GUIDE FOR DEBT COLLECTION

The CFPB has updated its Small Entity Compliance Guide for the Debt Collection Rule (Regulation F) to add the vastly expanded requirements of the December 2020 Final Rules. The CFPB recently issued a proposed revision to Regulation F to delay the effective date from November 30, 2021 to January 29, 2022. […]

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FINCEN ISSUES ANPRM ON BENEFICIAL OWNERSHIP REPORTING

On April 1, 2021, FinCEN issued an Advance Notice of Proposed Rulemaking (ANPRM) requesting comments on new beneficial ownership reporting provisions included in the Corporate Transparency Act/Anti-Money Laundering Act of 2020, which was passed into law as part of the National Defense Authorization Act of 2021 on January 1, 2021. The ANPRM, published in the Federal Register on April 5, 2021, is requesting input on procedures and standards for reporting companies to submit information to […]

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CFPB PROPOSES DELAY OF THE FDCPA RULES

On April 7, 2021, the Consumer Financial Protection Bureau (CFPB) proposed to extend the effective dates for two recent final rules amending Regulation F from November 30, 2021 until January 29, 2022. The comment period ends 30 days after the proposed rule is published in the Federal Register. […]

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CFPB PROPOSES FORECLOSURE SURGE CHANGES TO RESPA

On April 5, 2021, the Consumer Financial Protection Bureau (CFPB) proposed changes to Regulation X to assist borrowers affected by the COVID-19 emergency. The CFPB is taking this action to: Help ensure that borrowers impacted by the COVID-19 pandemic have an opportunity to be evaluated for loss mitigation before the initiation of foreclosure. Establish a temporary COVID-19 emergency pre-foreclosure review period until December 31, 2021, for principal residences Temporarily permit mortgage servicers to offer certain […]

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CFPB WARNS OF FORECLOSURE SURGE AND COMPLIANCE RISK

On April 1, 2021, the CFPB issued Compliance Bulletin 2021-02 warning mortgage services of a pending wave of foreclosures when the pandemic-related federal emergency mortgage protections expire this summer and fall. Since the CARES Act was enacted, 6.9 million borrowers have entered a forbearance program. As of January 2021, more than 2.1 million borrowers in forbearance programs were more than 90 days behind on their mortgage payments (including borrowers who have forborne three or more […]

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