Our Financial Services & Products Group answers some questions mortgage servicers might have about how federal and state agencies will be flexible with enforcement under the CARES Act. What is the “covered period” for purposes of Section 4022? Can a servicer require a borrower to provide a written attestation? Should servicers report the status of […]
Consumer Financial Protection Bureau (CFPB)
Federal Administrative Agencies Issue COVID-19 Guidance
A&B ABstract: On March 26, the Consumer Financial Protection Bureau (“CFPB”) issued three separate policy statements in response to the COVID-19 pandemic. These announcements recognize the operational and resource challenges companies are facing as a result of the pandemic, and provide some regulatory flexibility. Separately, the CFPB and four prudential banking regulators issued a statement […]
CFPB Announces New Initiatives to Prevent Consumer Harm
A&B ABstract On March 6, 2020, the Consumer Financial Protection Bureau (CFPB) announced three new initiatives aimed at preventing consumer harm. The CFPB will be: (1) implementing an advisory opinion program; (2) amending and reissuing its responsible business conduct bulletin; and (3) engaging with Congress to advance proposed whistleblower legislation. Advisory Opinion Program According to the […]
CFPB Deputy Director Brian Johnson to Join Alston & Bird as Partner in Washington, D.C.
Alston & Bird is expanding its consumer financial services and public policy capabilities with the addition of Brian Johnson, deputy director of the U.S. Consumer Financial Protection Bureau (CFPB), who will join the firm in March as partner in Washington, D.C. “Brian’s impressive combination of experience and leadership in government regulation and oversight in the […]
CFPB Issues Winter 2020 Supervisory Highlights
A&B ABstract: The Winter 2020 Supervisory Highlights identifies the CFPB’s findings from recent examinations, noting violations that resulted in compliance management system weakness. CFPB Issues New Edition of Supervisory Highlights: The Winter 2020 edition of the Consumer Financial Protection Bureau (“CFPB”) Supervisory Highlights details recent examination findings relating to debt collection, mortgage servicing, and student […]