Over the past few years the Department of Housing and Urban Development (HUD) and other federal regulatory agencies have provided several gentle nudges to encourage lenders to adopt procedures to assure applicants with limited English proficiency (LEP) are provided equal access to services. Now the nudges are less gentle. On May 21, 2021, HUD issued a press release announcing that it had reached a Conciliation/Voluntary Compliance Agreement with California-based Cascade Village Apartments II, LP (Cascade […]
Month: June 2021
CFPB Issues New RESPA FAQs
Recently the Consumer Financial Protection Bureau (CFPB) updated its Mortgage Servicing FAQs webpage to add 23 new FAQs that discuss selected topics relating to escrow accounts under Regulation X. The new FAQs provide a general overview of the escrow account provisions in Regulation X and address topics such as deficiencies, shortages, and surpluses.
WHAT’S GOING ON AT THE CFPB?
For the first four months of the Biden Administration the Consumer Financial Protection Bureau (CFPB), under the leadership of Acting Director David Uejio, set a blistering pace of proposed and final rules, recission of rules from the Trump Administration, and other actions. Since the beginning of May the agency has been quiet. The confirmation of Biden’s nominee for the Director, Rohit Chopra, has stalled. What is action is expected next? CFPB Leadership Mr. Chopra’s nomination […]