CFPB and FHFA Introduce Information Sharing Program

The Consumer Financial Protection Bureau ("CFPB") and the Federal Housing Finance Agency ("FHFA") introduced the Borrower Protection Program ("BPP"). The initiative "enables CFPB and FHFA to share servicing information to protect borrowers during the coronavirus national emergency."

Under the BPP, CFPB will provide to the FHFA servicer complaint information and analytical tools through a secure electronic interface. The FHFA will share with CFPB information regarding initiatives undertaken by Fannie Mae and Freddie Mac to mitigate losses, such as forbearances and modifications.