On August 31, 2021, the Consumer Financial Protection Bureau (CFPB) published a 918-page notice of proposed rulemaking (NPRM) to implement Section 1071 of the Dodd-Frank Act. That section amends the Equal Credit Opportunity Act (ECOA) to require financial institutions to collect and report certain data in connection with credit applications made by women- or minority-owned businesses and small businesses. Comments on the NPRM will be due no later than 90 days after the date it […]
Tag: CFPB
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 […]
FDCPA AND REGULATION F – BACK TO NOVEMBER 30
On July 30, 2021 the Consumer Financial Protection Bureau announced that the two final rules (Regulation F) issued under the Fair Debt Collection Practices Act (FDCPA) will take effect as planned, on November 30, 2021. The CFPB issued a proposal in April 2021 that, if finalized, would have extended the effective dates to January 29, 2022. The CFPB has now determined that such an extension is unnecessary. Following this announcement, the CFPB will publish a formal notice […]
REPORT RENTAL INFORMATION ACCURATELY
On July 1, 2021, the Consumer Financial Protection Bureau (CFPB) released an Enforcement compliance bulletin reminding landlords, consumer reporting agencies (CRAs), and others of their critical obligations to accurately report rental and eviction information. Inaccurate rental and eviction information on a tenant screening report or a credit report can unfairly block a family from safe and affordable housing. As the federal eviction moratorium and other pandemic rental protections come to an end, the CFPB wants […]