A CFPB proposal to amend Regulation Z (implementing the Truth in Lending Act) to provide an exemption from establishing escrow accounts for higher-priced mortgage loans was published in the Federal Register.
The CFPB extended the comment deadline an additional 60 days on a supplemental rule proposal to amend certain requirements on the collection of time-barred debts. The new comment deadline is August 4, 2020.
The Consumer Financial Protection Bureau and the Federal Housing Finance Agency introduced a new program to enable the agencies "to share servicing information to protect borrowers during the coronavirus national emergency."
The CFPB, Federal Reserve Board, FDIC, National Credit Union Administration and OCC clarified their compliance expectations for mortgage servicers on consumer communication requirements during the pandemic.