Archive

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 […]

CFPB ENFORCING BAN ON DISCRIMINATION BASED ON GENDER IDENTITY OR SEXUAL ORIENTATION

On March 9, 2021 the Consumer Financial Protection Bureau (CFPB) published an interpretative rule entitled Equal Credit Opportunity (Regulation B); Discrimination on the Bases of Sexual Orientation and Gender Identity. The interpretative rule: Clarifies that, with respect to any aspect of a credit transaction, the prohibition against sex discrimination in the Equal Credit Opportunity Act (ECOA) and Regulation B, which implements ECOA, encompasses sexual orientation discrimination and gender identity discrimination, including discrimination based on actual […]

CFPB Advisory Opinion on Special Purpose Credit Program

On December 21, 2020, the Consumer Financial Protection Bureau published an Advisory Opinion (AO) on Special Purpose Credit Programs established per the requirements of the Equal Credit Opportunity Act and Regulation B. It is designed to address regulatory uncertainty in special purpose credit programs designed and implemented by for-profit organizations to meet special social needs. Specifically, this AO clarifies: The content that a for-profit organization must include in a written plan that establishes and administers […]

LONG-DELAYED REGULATORY REQUIREMENT INCHES FORWARD

On September 15, 2020, the Consumer Financial Protection Bureau (CFPB) announced the release of an Outline of Proposals Under Consideration and Alternatives Considered for Section 1071 of the Dodd-Frank Act governing small business lending data collection and reporting. The Bureau will convene a Small Business Advocacy Review panel in October 2020. The panel will prepare a report that examines the impact of the potential rule on small businesses. Section 1071 requires financial institutions to collect […]

CFPB SPRING 2020 AGENDA

On June 30, 2020, the Consumer Financial Protection Bureau (CFPB) published its Spring 2020 Agenda. The agenda lists the regulatory matters that the CFPB expects to focus on between May 1, 2020 and April 30, 2021. Those matters include: A final rule amending the CFPB’s Remittance Rule to provide tailored exceptions that permit certain insured institutions to disclose estimates instead of exact amounts to consumers in certain circumstances. The final rule also increases (from 100 remittance […]