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CFPB rescinds 7 pandemic-related policy statements

Posted by Compliance Team on 04/07/2021

The Consumer Financial Protection Bureau has announced that it is rescinding seven policy statements that were issued last year to assist financial institutions during the height of the pandemic. Issued between March 26 and June 3, 2020, the policy statements provided some flexibility in complying with certain regulatory filings and consumer finance laws.

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CFPB issues statement on financial institutions serving LEP consumers

Posted by Compliance Team on 02/03/2021

On Jan. 13, the Consumer Financial Protection Bureau (CFPB) issued a “Statement Regarding the Provision of Financial Products and Services to Consumers with Limited English Proficiency (LEP)." The statement encourages financial institutions to expand services to LEP consumers who often face barriers such as language access issues when obtaining credit.

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IRS releases new form 4506-C

Posted by Compliance Team on 11/16/2020

The Internal Revenue Service (IRS) recently released a new version of Form 4506, as Form 4506-C, IVES Request for Transcript of Tax Return (version September 2020). 

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California enacts consumer financial protection law

Posted by Compliance Team on 10/07/2020

The California legislature recently enacted a new consumer protection law, called the Consumer Financial Protection Law (CFPL).

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FHFA, other agencies announce extension of COVID-related policies

Posted by Compliance Team on 09/16/2020

On Aug. 26, the Federal Housing Finance Agency (FHFA) announced an extension of its policies providing for Fannie Mae and Freddie Mac (the GSEs) to continue to purchase loans that entered a COVID-related forbearance prior to purchase. The GSEs’ policies were set to expire Aug. 31, but the announcement extends the policies to Sept. 30.

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