CFPB Announces Foreclosure Restriction and Additional Loss Mitigation Requirements


On April 5, the Consumer Financial Protection Bureau (“CFPB”) proposed amendments to Regulation X with the effect of preventing foreclosure on certain residential mortgage loans until January 1, 2022.[1]  With a proposed effective date of August 31, 2021, this action would apply not only to federally backed mortgage loans, but to all mortgage loans secured by a property that is a borrower’s principal residence[2] – including those held in private trusts and on lender balance sheets.


FHFA announces further extension of COVID-related mortgage relief


The agency will allow an additional three months of forbearance for loans backed by Fannie Mae and Freddie Mac, giving homeowners up to 18 months to suspend payments due to the pandemic.


Fed extends Main Street program to process more loans


Treasury Secretary Steven Mnuchin approved the extension of the Main Street Lending Program, which offers loans to midsize companies affected by the pandemic, to Jan. 8.


Credit unions get their wish with extension of CLF changes


Provisions implemented under the CARES Act that made it easier for institutions to utilize NCUA's Central Liquidity Facility have been extended for a year with the signing of Consolidated Appropriations Act.


Toomey’s compromise on Fed authority cleared way for stimulus deal


The Pennsylvania senator, who will chair the Banking Committee if Republicans hold their majority, agreed to modify an amendment restricting the Federal Reserve’s emergency powers that Democrats had criticized as too extreme.


Toomey's proposal to restrict Fed powers draws Democratic rebuke


The amendment backed by Sen. Pat Toomey and other Republicans to block the central bank from reviving CARES Act lending facilities has emerged as a flashpoint in congressional negotiations over pandemic relief.


Republicans push to terminate CARES Act facilities for good


The Federal Reserve has already agreed to shut down emergency credit programs funded by the Coronavirus Aid, Relief and Economic Security Act, but Sen. Pat Toomey, R-Pa., and others want Congress to ensure the central bank cannot revive them.