CFPB Proposes to Delay the Mandatory Compliance Date of the New General Qualified Mortgage Final Rule | Troutman Pepper
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Approximately 22 percent of U.S. residents over the age of 5 speak a language other than English at home.
1 Of those persons, approximately 37.6 percent have limited English proficiency (LEP), meaning they have a limited ability to speak, read, write, or understand English.
LEP consumers have experienced substantial barriers in the consumer financial marketplace. Whether these barriers take the form of financial disclosures, written documents solely available in English, or the lack of bilingual employees or interpretation services at financial institutions, these consumers remain underserved.
Over the last several years, the Consumer Financial Protection Bureau (CFPB) has engaged with stakeholders on fair lending compliance and access to credit in order to gain insight, inform policy decisions, and promote changes that target and benefit this large segment of the U.S. population.
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In mid May 2020, we highlighted that the Fannie Mae and Freddie Mac (GSEs) COVID-19 payment deferral programs put mortgage servicers at risk of violating some of the Consumer Financial Protection Bureau’s (CFPB) Mortgage Servicing Rules in Regulation X. When originally introduced, the GSEs’ COVID-19 payment deferral programs seemed to require servicers to offer a loss mitigation solution based upon an incomplete loss mitigation application in violation of the CFPB’s anti-evasion clause. On June 23, 2020, after pressure from the industry, the CFPB released an interim final rule amending Regulation X in a manner that removed many of the barriers that prevented mortgage servicers from being able to offer the GSEs’ COVID-19 payment deferral in compliance with applicable law. Unfortunately, the interim final rule simply isn’t broad enough to save mortgage servicers from legal risks associated with the GSEs’ non-CO
with the campaign season set to kick into high gear, tonight s faceoff will help determine who will stay in the race and who will end their campaign for president. chris stirewalt is our fox news digital politics editor. i m told you have some information on what happened with romney as he was out there campaigning. again, i want our viewers to know we ve got this on tape, we have to ingest it and turn it so you can see it for yourselves, and we re going to do that in a moment, but i want to talk to chris about it first. chris, what do you know? reporter: governor romney got a nice early start today, he got to warm up for his debate because by the time he got to where he was going to give his remarks, little soap box there at the iowa state fair, there was already a cluster of folks who were waiting for him, started peppering him with increasingly aggressive questions about social security, basically accusing him of being at war with the middle class, telling him he was goi
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