CFPB Proposes to Stop Foreclosures Through the End of 2021

The Consumer Financial Protection Bureau is proposing a rule that would stop mortgage servicers from foreclosing on most home loans before December 31, 2021. This follows the agency’s withdrawal of its earlier position that financial services companies would have flexibility in following agency rules during the pandemic. The comment period on the proposed mortgage rule will be open until May 10.

Credit Union Community Divided Over CUSO Expansion Plan

There is a lot of disagreement about whether a proposed rule that would expand the types of activities that Credit Union Service Organizations can engage in, including originating any type of loan that a federal credit union may originate, will be beneficial or disastrous to various credit unions. The National Credit Union Administration has extended the comment period for another 30 days.

Comments Mostly Support NCUA’s Risk-Based Net Worth Rule

National Credit Union Administration Chairman Todd Harper thinks the proposed rule is “half-baked” but credit union trade groups are endorsing a proposal to increase the threshold for credit unions to be defined as “complex.” The proposed rule states that any risk-based net worth requirement would only apply if a credit union has more than $500 million in assets at a quarter’s end. The definition impacts the effect of the Risk-Based Capital Rule that goes into effect on Jan. 1, 2022.