At the close of this month, certain moratoria on foreclosures and evictions are set to lift. While prior deadlines have been extended, it remains to be seen whether another continuance will be granted amidst an increase in the spread of the COVID-19 Delta variant. Last month, the Federal Housing Finance Agency announced that government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac extended their moratorium on single-family foreclosures and real estate owned (REO) evictions from June 30 to July 31. The foreclosure moratorium only applies to homeowners with a GSE-backed, single-family ..read more

On July 21, Acting Director Dave Uejio celebrated the 10-year anniversary of the Consumer Financial Protection Bureau (CFPB) by giving prepared remarks highlighting the CFPB’s activities over the past 10 years in enforcement, consumer empowerment, and racial equity, as well as its response to the COVID-19 pandemic. Uejio advised that the CFPB’s enforcement and supervision work has resulted in approximately $14.4 billion in consumer relief and that its enforcement actions have resulted in $1.7 billion in civil penalties; however, he notes that there is much more to be done in enforcement. With ..read more

Citing a surge of COVID-19 cases in July 2021, the Centers for Disease Control and Prevention (CDC) issued a new federal eviction moratorium on August 3, 2021 (Order). The Order is similar to the CDC’s previous eviction moratorium, which expired on July 31, 2021, with one major exception—the Order applies only to U.S. counties that are experiencing “substantial or high” levels of COVID-19 transmission, as defined by the CDC. Based on this standard, the Order currently applies to more than 80% of all U.S. counties. The constitutionality of the Order is unclear. Opponents of the Order would poin ..read more

With the rapid rise of nonbank financial product and service companies in an everchanging marketplace, there is growing concern that nonbanks will evade federal oversight. To keep pace with these changes, the Consumer Financial Protection Bureau (CFPB) announced that it will expand its oversight of nonbank entities, including nonbanks that brand themselves as “fintechs.”  CFPB Director Rohit Chopra intends to hold nonbanks to the same standards to which banks are held. To level the playing field for banks and nonbanks, the CFPB will conduct examinations of nonbank financial companies that ..read more

Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra warned consumer finance companies that he will be expanding the bureau’s anti-discrimination efforts “to combat discriminatory practices across the board in consumer finance.” Under the Dodd-Frank Act, it is unlawful for providers of consumer financial products or services to engage in any unfair, deceptive, or abusive act or practice (UDAAP). The Act also provides the CFPB with supervisory and enforcement authority to detect and prevent UDAAPs in connection with any consumer financial product or service. As part of its anti-dis ..read more

Through a series of recent public comments, top leadership from the Consumer Financial Protection Board (CFPB) is warning that the agency is poised to play an increasingly affirmative role in the oversight of new payments systems, including the technologies and technology companies involved. Read the full post on Perkins Coie’s White Collar Briefly blog ..read more