The Consumer Financial Protection Bureau’s (CFPB) Credit Union Advisory Council (CUAC) recently joined the Community Bank Advisory Council (CBAC) in examining post-pandemic mortgage trends and student loan lending.
The session also addressed the CFPB’s amending the Real Estate Settlement Procedures Act (RESPA), which establishes a temporary COVID-19 emergency pre-foreclosure review period prohibiting mortgage servicers from initiating first notice or filing required for judicial or non-judicial foreclosure until after Dec. 31, 2021.
The National Association of Federally-Insured Credit Unions (NAFCU) requested the CFPB provide early intervention requirements clarity concerning streamlined loan modification options designed to reduce implementation burdens on mortgage servicers.
As it relates to student loan lending, the CUAC and CBAC assessed how the CUAC would address the estimated 30 million borrowers required to make a payment once federal student loan forbearances end in the wake of President Joe Biden extending the federal student loan payments pause until Jan. 31, 2022.
“The CFPB is committed to educating borrowers and providing resources during the repayment process,” Acting Director Dave Uejio.
The NAFCU has two representatives on the CUAC panel. The organization is seeking to continually work in concert with the CFPB, CUAC, and stakeholders to share credit unions’ input while providing insight regarding regulatory and legislative matters.