CFPB Metrics Report Shows Increased Scrutiny of Borrower Access to Servicers, Information, and Loss Mitigation Opportunities

By Tonya Esposito, Anne V. Dunne & Michael E. Jusczyk on May 19, 2022

Posted in CFPB, Client Alert, Consumer Lending, coronavirus, Featured, Financial Services Litigation, GT Alert, Mortgage, Regulatory Compliance

On May 16, 2022, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a report regarding COVID-19 response metrics based upon its “observations from data obtained by 16 large mortgage servicers” from May through December 2021 (Report). This report is a follow-up to an August 2021 report regarding the Bureau’s observations from data obtained from…

Congress Passes the PPP Flexibility Act

By Lee Ann Anderson, Barbara A. Jones, Marvin A. Kirsner, Robert Mangas & Greenberg Traurig on June 4, 2020

Posted in Compliance, coronavirus, Debt relief, Financial Regulation, Financial Services Litigation, Government, Lending, Litigation

On June 3, 2020, Congress passed the PPP Flexibility Act to loosen requirements for loan forgiveness for CARES Act Paycheck Protection Program (PPP) borrowers. The new forgiveness rules will allow borrowers to extend the period for spending the loan proceeds to 24 weeks from the date of disbursement, an increase from the eight-week period originally…