Payday and Installment-Loan Lender Agrees to CFPB Consent Order
On June 2, 2020, the CFPB and a Tennessee-based payday and installment-loan lender agreed to a consent order for alleged violations of the Consumer Financial... Read More
Federal Regulatory Developments
Federal Reserve Board Issues Rule Extending Compliance Dates for Single-Counterparty Credit Limits
The Federal Reserve Board (Board) recently issued a final rule extending the compliance dates regarding the single-counterparty credit limits (SCCL) applicable to foreign banking organizations... Read More
VA Revises Circular on New Automated Appraisal Management Service
The VA has again revised Circular 26-20-14, concerning the VA’s new automated Appraisal Management Service (AMS), this time to add an exhibit with Frequently Asked... Read More
VA Provides Funding Fee Guidance to Lenders and Servicers
In a recent change to the VA Circular Letter 26-19-17 on May 22, 2020, the VA has revised the Lenders Handbook, Chapter 8, Topic 8,... Read More
CFPB Study Highlights Challenges Retirees Face to Meet Expenses in Early Years of Retirement
The CFPB recently released a study titled Retirement Security and Financial Decision-making: Research Brief that examines the expenses and financial resources of retirees for the... Read More
OCC Issues CRA Final Rule
The OCC recently issued a final rule amending its regulation implementing the Community Reinvestment Act (CRA). Although the FDIC and the OCC published a joint... Read More
SBA Issues Temporary Changes to the PPP
On May 22, 2020, the SBA issued its eleventh interim final rule implementing the Paycheck Protection Program (PPP) under the Coronavirus Aid, Relief, and Economic... Read More
CFPB Extends Comment Period for Proposed Rule on Debt Collection Practices
On May 15, 2020, the CFPB issued a supplemental notice of proposed rulemaking and announced that it is extending the comment period for its proposed... Read More
Newsflash: VA Notifies Servicers that COVID-19 is a Reason for Default, Extends Circulars 26-18-5 and 26-18-3, and Publishes Appeals Job Aids
The Department of Veteran Affairs (VA) just published a VALERI Servicer Newsflash publishing a new Circular allowing COVID-19 as a reason for default, and extending... Read More
Fannie Mae and Freddie Mac Extend Eligible Dates for Sales of Loans in Forbearance
Fannie Mae and Freddie Mac recently reissued Lender Letter 2020-06 and Bulletin 2020-17. Among other things, the guidance extends the eligible note dates to June... Read More
HUD Extends Effective Date of Mortgagee Letter 2020-05
HUD recently issued Mortgage Letter 2020-14, extending the effective date of Mortgagee Letter 2020-5, which addresses changes to the requirements for re-verification of employment and... Read More
Fannie Mae Lender Letter Adds Borrower Eligibility and Self-Employment Income Requirements in Response to COVID-19
Fannie Mae recently updated Lender Letter 2020-03 to address COVID-19’s impact on loan originations by adding new temporary eligibility requirements for borrowers and requirements to... Read More
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