CFPB Issues Joint Statement on Mortgage Servicing in the COVID Age



Mortgage Servicing – Along with the Federal Reserve, FDIC, NCUA, OCC and state financial regulators, the CFPB issued a Joint Statement on Supervisory and Enforcement Practices Regarding the Mortgage Servicing Rules in Response to the Continuing COVID-19 Pandemic and CARES Act. The Statement says that the agencies believe the temporary flexibilities authorized in April 2020 are no longer necessary, as servicers have now had “sufficient time” to adjust operations and work with consumers affected by the pandemic. The regulators added that they will resume using their enforcement authority to address noncompliance for violations of Regulation X mortgage servicing rules starting after the date of the joint statement. In conjunction with the Statement, the CFPB released a report on its efforts to assist borrowers during the COVID-19 pandemic.  

From FinCEN:

Updated Ransomware Advisory – FinCEN issued Advisory FIN-2021-A004, which updates its October 2020 Advisory, as a result of the increase of ransomware attacks in recent months against critical U.S. infrastructure. The updated advisory discusses new trends and typologies of ransomware and associated payments, including the growing use of anonymity-enhanced cryptocurrencies (AECs) and decentralized exchanges to convert illicit proceeds. It also includes financial red flag indicators of ransomware-related activity to assist financial institutions in identifying and reporting suspicious transactions associated with ransomware payments

NCUA Hosts Consumer Compliance Webinar

Consumer Compliance Webinar – On December 1, the NCUA is hosting a webinar covering 2022 consumer compliance exam scope activities, fair lending updates, observations on 2021 consumer compliance exam scope activities, and regulatory updates, including the rule on capitalizing unpaid interest and the 2021 COVID-19 Temporary Mortgage Servicing Rule.