Credit Union Advisory Board (CUAC) The Consumer Financial Protection Bureau (CFPB) recently joined the Local Banking Advisory Board (CBAC) in examining post-pandemic mortgage and student loan trends.
The meeting also dealt with the CFPB’s amendment to the Real Estate Transaction Settlement Procedures Act (RESPA), which establishes a temporary COVID-19 emergency review period prior to foreclosure, prohibiting mortgage service providers from initiating the first notice or filing required for judicial or extrajudicial foreclosure, before December. 31, 2021.
The National Association of Federal Insurance Credit Unions (NAFCU) has asked the CFPB to clarify early intervention requirements for streamlined loan modification options designed to reduce the implementation burden on mortgage service providers.
In terms of student loan lending, CUAC and CBAC have estimated how CUAC will address the approximately 30 million borrowers needed to make payments after the federal student loan termination ends after President Joe Biden extended the suspension of federal student loan payments. until January. December 31, 2022
“The CFPB is committed to educating borrowers and providing resources during the repayment process,” Acting Director Dave Wegio.
NAFKU has two representatives in the CUAC group. The organization strives to continually work with the CFPB, CUAC and stakeholders to share the views of credit unions while providing an understanding of regulatory and legislative issues.