Friday, April 10, 2020

Supervisory and Enforcement Practices Regarding the Mortgage Servicing Rules in Response to COVID-19 and the CARES Act

Financial Institution Letter

April 10, 2020

Supervisory and Enforcement Practices Regarding the Mortgage Servicing Rules in Response to COVID-19 and the CARES Act

Summary

The FDIC, the Consumer Financial Protection Bureau, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the National Credit Union Administration, and the Conference of State Bank Supervisors (the agencies) issued a joint statement on April 3, 2020, to announce the agencies' flexible supervisory and enforcement approach during the COVID-19 emergency regarding certain consumer communications required by the mortgage servicing rules. The agencies recognize the serious impact the COVID-19 emergency may have on consumers and on the operations of many supervised entities, including mortgage servicers.

Statement of Applicability to Institutions under $1 Billion in Total Assets:

This Financial Institution Letter applies to all FDIC-supervised institutions.

Suggested Distribution

FDIC-Supervised Institutions

Read the FIL

 

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