April 2021 – Consumer Financial Services Watch

COVID-19: CFPB’s Proposed Mortgage Servicing Amendments Add Loss Mitigation Protections for Borrowers and Signal Heightened Expectations for Mortgage Servicers’ Operational Loss Mitigation Efforts

Apr 24 2021

By: Phoebe S. Winder, Ryan M. Tosi, and Stacey L. Gorman

On 5 April 2021, the Consumer Financial Protection Bureau (CFPB) solicited comments on proposed amendments to Regulation X,[1] which amendments are intended to assist mortgage borrowers impacted by the COVID-19 pandemic.[2] Though the proposal to extend the current foreclosure moratorium to January 2022 is gaining the headlines, it is important to note that the proposed amendments, if adopted, once again require modification to servicers’ existing loss mitigation programs in order to “maximize the likelihood that borrowers exiting forbearances have sufficient time to complete a loss mitigation application.”[3]

2021 Consumer Financial Services Symposium – Virtual Edition: Panel 1 – FinTech Trends, Developments, and New Directions

Apr 12 2021

Wednesday
21 April 2021
1:00 – 2:00 p.m. ET
Virtual – Login information will be sent after you complete your registration.
1 hour of CLE/CPD credit available in: Pennsylvania, California, Texas, Illinois, New York, Australia, and the UK
REGISTER HERE by 20 April 2021.

Moderator: Andrew C. Glass, Panelists: Gregory N. Blase, Jeremy M. McLaughlin, Judith Rinearson, Melissa Koide

Please join K&L Gates for our 2021 Consumer Financial Services Symposium – Virtual Edition. This symposium will consist of a series of webinars over the course of several weeks. Below is a description of our first webinar that will focus on FinTech, and we invite you to register. Separate blog posts and invitations for the other webinars in this series will be forthcoming.

Our first webinar will address recent developments in FinTech compliance and litigation, covering issues ranging from machine learning in credit underwriting and attendant fairness questions to the use of non-fungible tokens (NFTs) with respect to consumer protection law. We will also address developments that the financial services industry is likely to see under the Biden administration, including the use of technology in extending credit and making other credit-related decisions. Attendees will have an opportunity to submit questions during this webinar.

Archive:April 2021