The COVID Project
The record
- Jurisdiction
- United States; Consumer Financial Protection Bureau (federal)
- Level
- Federal
- Authority
- 12 U.S.C. § 2617(a); § 5512(b)(1)
- Issued
- 2020-06-23 June 23, 2020
- Effective
- 2020-07-01
- End
- Remained in force through 2021Q3 (amended by the servicing rule effective Aug. 31, 2021, which FED-B holds) (read as 2021-08-31)
- In force
- July 1, 2020 to Aug. 31, 2021
- Quarters
- 2020 Q32020 Q42021 Q12021 Q22021 Q3
2020 Q22020 Q32020 Q42021 Q12021 Q22021 Q3
- Limitation types
- Other
- Addressees
- mortgage servicers subject to Regulation X
- Functions reached
- SV servicing and loss mitigation (deferral offers to borrowers exiting CARES Act forbearance)
- CC contact centers
- CB borrowers
- Collection
- Federal financial regulators AGY-FED-FINANCIAL
Operative words
[The Bureau amends Regulation X to permit servicers to offer certain] COVID-19 [related] payment deferral [and partial claim options based on] an incomplete application [without the loss-mitigation procedures of § 1024.41 that would otherwise apply, where the option defers payments] unpaid by borrowers experiencing [financial hardships due, directly or indirectly, to the COVID-19 emergency, including one offered in connection with a forbearance program made available under the Coronavirus Aid,] Relief, and Economic Security Act.
Enforcement
12 C.F.R. § 1024.41; 12 U.S.C. § 2605(f) (private right of action and damages)
Notes
Force-of-law amendment of the servicing rules, effective July 1, 2020 and in force in every remaining quarter, premised on borrowers 'experiencing financial hardships due, directly or indirectly, to the COVID-19 emergency'; the CFPB recited that 'the unemployment rate climbed to over 14' percent
Retrieval noteFederal Register PDF read; bracketed words reconstruct column-garbled text.