The Federal Reserve Board, CFPB, FDIC, OCC, National Credit Union Administration and state financial regulators alerted mortgage servicers that they will resume their respective pre-pandemic supervisory and enforcement approaches towards noncompliance with mortgage-servicing rules.
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In a revised interagency statement, banking regulators clarified certain accounting and reporting factors under the Coronavirus Aid, Relief, and Economic Security Act.
Federal and state banking regulators encouraged financial institutions to work with borrowers who may not be able to satisfy their financial obligations due to the outbreak of COVID-19.
CFPB Acting Director Dave Uejio asserted that his priorities for the agency are "(1) relief for consumers facing hardship due to COVID-19 and the related economic crisis, and (2) racial equity."
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."