News & Analysis as of September 20, 2024

Financial Institutions

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Loan modifications are changes made to the terms of an existing loan outside the specifications contained in the original loan agreement. In a mortgage situation, loan modifications are typically made to assist borrowers in meeting their obligations and avoid foreclosure. Such mortgage loan modifications may include reduction of principal amount or interest rate, lengthening of loan term, and monthly payment caps. less -

FFIEC Issues New Guidance on Loan Accommodations Related to COVID-19

Butler Snow LLP on 8/26/2020

At the onset of the pandemic, many financial institutions offered credit accommodations, such as short-term deferrals and other loan modifications, to borrowers in response to the significant adverse impact caused by...more

Nutter Bank Report: April 2020

Nutter McClennen & Fish LLP on 5/1/2020

President Signs New COVID-19 Relief Bill into Law, Funding Additional PPP Loans - The Paycheck Protection Program and Health Care Enhancement Act was signed into law by President Donald Trump on April 24, providing $484...more

Agencies Update Their Interagency Statement on Reporting Loan Modifications

Alston & Bird on 4/10/2020

Our Financial Services & Products Group discusses how federal agencies are clarifying how the Coronavirus Aid, Relief, and Economic Security (CARES) Act interacts with their previous statement on loan modifications and...more

Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by COVID-19

Snell & Wilmer on 3/26/2020

On March 22, an interagency statement was issued by the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Office of...more

Feds Issue Guidance To Financial Institutions Working With Customers Affected By COVID-19

Amundsen Davis LLC on 3/26/2020

As the Coronavirus Disease 2019 (COVID-19) continues to impact our nation, financial institutions are finding themselves in a situation wherein their customers are unable to, or are at risk of being unable to, make timely...more

Federal Agencies Issue Guidance on Loan Modifications Relating to COVID-19

Seyfarth Shaw LLP on 3/25/2020

On March 22, 2020, in response to the growing anticipation for loan modifications necessitated by the implications of the Coronavirus Disease 2019 (“COVID-19”), the Federal Reserve, Federal Deposit Insurance Corporation,...more

CFPB Reports Continued Mortgage Servicing and Other Violations of Consumer Financial Law

Carlton Fields on 10/6/2015

In its Supervisory Highlights released earlier this summer, the CFPB reported its examination observations in consumer reporting, debt collection, mortgage origination and servicing, fair lending, and student loan servicing....more

CFPB Highlights Mortgage Complaints in Third Monthly Complaint Report

Ballard Spahr LLP on 9/25/2015

The CFPB has issued its September 2015 complaint report, the third in its new series of monthly complaint reports. The new report spotlights mortgage complaints and complaints from consumers in the Denver, Colorado, metro...more

CFPB highlight mortgage complaints in third monthly complaint report

Ballard Spahr LLP on 9/23/2015

No Summer Vacation for Student Lending Companies as Enforcement Activity Continues

Goodwin on 9/1/2015

Student lending continues to remain in the crosshairs of federal and state consumer finance regulators during the summer months, with over five enforcement actions and investigations in recent weeks. As covered in both...more

Dodd-Frank News: June 2015: Dodd-Frank Wall Street Reform and Consumer Protection Act Update

Burr & Forman on 6/26/2015

The Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted as a measure to promote financial stability and protection for consumers through increased regulation of nearly every aspect of the consumer finance...more

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Loan Modifications › Consumer Financial Protection Bureau (CFPB) › Financial Institutions

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