Federal Banking Agencies to Defer Appraisals and Evaluations for Real Estate Transactions Affected by COVID-19
The federal banking agencies today issued an interim final rule to temporarily defer real estate-related appraisals and evaluations under the agencies’ interagency appraisal regulations. The Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency are providing this temporary relief to allow regulated institutions to extend financing to…
CFPB: Bureau Paves Way for Consumers to Receive Economic Impact Payments Quicker
Today the Consumer Financial Protection Bureau (Bureau) took steps to make it easier for consumers to receive pandemic-relief payments, including the economic impact payments authorized in the CARES Act, through prepaid accounts. Federal, State, and local governments are considering a variety of approaches to providing consumers relief from the economic impacts of the COVID-19 pandemic….
CFPB: Guidance on Remittance Transfers During COVID-19 Pandemic
Today the Consumer Financial Protection Bureau (Bureau) took steps to ensure that consumers will be able to continue to send remittance transfers without disruption during the COVID-19 pandemic. The pandemic is having a significant impact on consumers’ finances, both here and around the world, and many consumers rely on remittance transfers to send money from…
Revised Interagency Statement on Loan Modifications for Working with Customers Affected by the Coronavirus
The federal financial institution regulatory agencies (the agencies), in consultation with state financial regulators, issued a revised interagency statement encouraging financial institutions to work constructively with borrowers affected by COVID-19 and providing additional information regarding loan modifications. The revised statement also provides the agencies’ views on consumer protection considerations. The revised statement clarifies the interaction…
CFPB: Video Released on How Mortgage Forbearance Works under the CAREs Act
The Consumer Financial Protection Bureau (Bureau) has released a video on how struggling homeowners can obtain mortgage forbearance if their finances are impacted due to the COVID-19 pandemic. The Bureau has also issued additional information for consumers on mortgage and student loan payment relief and how to avoid scams. Below are the resources for consumers:…
Federal Agencies Encourage Mortgage Servicers to Work with Struggling Homeowners Affected by COVID-19
The federal financial institution regulatory agencies and the state financial regulators issued a joint policy statement providing needed regulatory flexibility to enable mortgage servicers to work with struggling consumers affected by the Coronavirus Disease (referred to as COVID-19) emergency. The actions announced today by the agencies inform servicers of the agencies’ flexible supervisory and enforcement…
CFPB: Credit Reporting Guidance During COVID-19 Pandemic Issued
The Consumer Financial Protection Bureau (Bureau) today released a policy statement outlining the responsibility of credit reporting companies and furnishers during the COVID-19 pandemic. In response to the pandemic, many lenders are being flexible when it comes to consumers’ making payments. The Bureau’s statement underscores that consumers benefit if lenders report accurate information about these…
Federal Agencies Encourage Banks, Savings Associations and Credit Unions to Offer Responsible Small-Dollar Loans to Consumers and Small Businesses Affected by COVID-19
Five federal financial regulatory agencies today issued a joint statement encouraging banks, savings associations, and credit unions to offer responsible small-dollar loans to consumers and small businesses in response to COVID-19. The statement of the Board of Governors of the Federal Reserve System, Consumer Financial Protection Bureau, Federal Deposit Insurance Corporation, National Credit Union Administration,…
CFPB: Agency Provides Flexibility During COVID-19 Pandemic
The Consumer Financial Protection Bureau (Bureau) today announced that it is providing needed flexibility to enable financial companies to work with customers in need as they respond to the COVID-19 pandemic. The Bureau is postponing some data collections from industry on Bureau-related rules to allow companies to focus on responding to consumers in need and…
CFPB: Resources for Consumers During COVID-19 Pandemic
The Consumer Financial Protection Bureau (Bureau) has recently released several resources to help consumers take steps to protect their finances during the COVID-19 pandemic, including how to avoid financial scams and submit complaints to the Bureau. “During this difficult time, the Bureau is doing everything it can to facilitate the work of responsible financial companies…