Regulatory AlertsCA 21-16: Interagency Statement on Supervisory and Enforcement Practices Regarding the Mortgage Servicing Rules in Response to the Continuing COVID-19 Pandemic and CARES Act
The Board of Governors of the Federal Reserve, the Consumer Financial Protection Bureau, and other federal and state financial regulators issued this joint statement to update supervisory and enforcement practices for mortgage servicers. The agencies announced that the temporary flexibility regarding timing requirements under Regulation X, previously granted in April 2020, no longer applies and full enforcement authorities will be exercised for noncompliance occurring after the statement's issuance. While strict compliance is now required, the agencies will continue to consider the ongoing impact of the COVID-19 pandemic when evaluating any supervisory or enforcement actions.
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