On August 27, 2021, the Federal Reserve, FDIC, and OCC released a 20-page guide intended to help community banks assess risks when considering relationships with financial technology (fintech) companies. Community banks are entering into business arrangements with fintech companies to offer enhanced products and services to their customers, increase efficiency, and reduce internal costs. The guide is intended to serve as a resource for community banks when performing due diligence on prospective relationships with fintech […]
Month: August 2021
SCOTUS KILLS CDC EVICTION MORATORIUM
On August 26, 2021, the Supreme Court of the United States (SCOTUS), in a 6 – 3 decision, rejected the Biden administration’s latest moratorium on evictions. Alabama Association of Realtors et al, v. Department of Health and Human Services, et al. The decision puts hundreds of thousands of tenants at risk of losing shelter. As discussed in our recent blog article, on August 3, 2021, the Centers for Disease Control and Prevention (CDC) issued a […]
MORTGAGE SERVICERS’ PANDEMIC RESPONSE
On August 10, 2021, the Consumer Financial Protection Bureau (CFPB) published a report detailing 16 large mortgage servicers’ COVID-19 pandemic response. The report’s data metrics include call handling and loan delinquency rates, and they highlight the industry’s widely varied response to the pandemic. For example, many servicers managed to handle high call volume with an average hold time below 3 minutes, while others reported keeping callers waiting for as long as 26 minutes. The CFPB […]
ADDITIONAL CFPB GUIDANCE ON JUNETEENTH
On August 5, 2021, the CFPB released an interpretive rule to assist the mortgage industry in determining whether to treat June 19, 2021, as a federal holiday or a business day for purposes of compliance with certain time-sensitive borrower protections. Regulation Z establishes timing requirements, calculated in business days, for when borrowers must receive certain disclosures and when borrowers have the right to cancel some mortgages. Because the Juneteenth National Independence Day Act was signed into […]
NEW CDC EVICTION MORATORIUM
On August 3, 2021, the Centers for Disease Control and Prevention (CDC) issued a new eviction moratorium to temporarily halt evictions in counties where COVID-19 is spreading rapidly. The new pause in evictions may help those struggling to pay rent stay in their homes, but they may need to take action. If they already gave their landlord a CDC Declaration, they are protected until October 3, 2021. Their landlord cannot remove them from their home […]