Fair Servicing

OCC Releases Semiannual Risk Perspective – Warns of Covid-19 Related Increased Risk

On June 29th, the Office of the Comptroller of the Currency (OCC) released its Semiannual Risk Perspective report, finding that due to the current COVID-19 pandemic will stress institutions' financial performance this year. The report also said that compliance risk is on the rise, in part because of federal programs related to the CARES Act and [...]

July 2nd, 2020|

Compliance in the Era of COVID-19: Managing Risk While Meeting Consumer Needs

Lending institutions play a unique and vital role in helping consumers and businesses recover from heavy economic hardships during the COVID-19 pandemic. Businesses are affected by the pandemic in differing ways:  for some it means a slight reprieve in activity and possible opportunity to implement system improvements. For lenders, however, it often necessitates rapidly processing [...]

June 1st, 2020|

New White Paper Urges CFPB Action to Address Pandemic

On April 6, 2020, a white paper on the effects of the coronavirus pandemic was published publicly and addressed to the current director of the Consumer Financial Protection Bureau (CFPB, the Bureau),  Kathleen Kraninger. This white paper – authored by Richard Cordray (former CFPB director), Diane Thompson (former CFPB deputy assistant director of regulations) and [...]

April 7th, 2020|