The Bureau is issuing this proposed rule to implement section 1071 of the Dodd-Frank Act, governing small business lending data collection under ECOA and Regulation B.
The notices listed below are currently open for public comment. For each notice, click through to view the Federal Register notice where you can read the full notice and select the “Submit a formal comment” option to contribute.
Protections for Borrowers Affected by the COVID-19 Emergency Under the Real Estate Settlement Procedures Act (RESPA), Regulation X
The Bureau of Consumer Financial Protection (Bureau) is proposing amending Regulation X to assist borrowers affected by the COVID-19 emergency. The proposed amendments would generally prohibit servicers from making the first notice or filing required for foreclosure until after December 31, 2021, amend early intervention and reasonable diligence obligations to ensure that servicers are communicating timely and accurate information to borrowers about their loss mitigation options during the current crisis, and temporarily permit mortgage servicers to offer certain loss mitigation options made available to borrowers experiencing a COVID-19-related hardship based on the evaluation of an incomplete application.