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Financial Services Law Insights and Observations

CFPB, CSBS issue consumer guide on CARES Act mortgage relief option

Federal Issues CFPB CSBS State Issues Consumer Finance Mortgages Covid-19 CARES Act

Federal Issues

On May 15, the CFPB and Conference of State Bank Supervisors jointly issued a Consumer Relief Guide to provide information to homeowners with federally-backed mortgage loans regarding their rights to relief under the CARES Act. The Guide outlines steps for requesting forbearance and provides additional resources for borrowers who need assistance when understanding their options or working with their mortgage servicers. The Bureau also refers borrowers to its centralized webpage, which covers consumer financial resources for the Covid-19 pandemic (covered by InfoBytes here), as well as its joint housing assistance website launched in coordination with the Federal Housing Finance Agency and the Department of Housing and Urban Development (covered by InfoBytes here).

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