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ABA: The American Bankers Association
Compliance News

CFPB, CSBS Issue Joint Guidance on CARES Act Forbearance, Foreclosure

The Consumer Financial Protection Bureau and the Conference of State Bank Supervisors issued joint guidance for borrowers on the mortgage relief provisions included in the CARES Act. The law requires servicers of federally backed mortgages to provide forbearance to borrowers facing financial hardships due to COVID-19 for up to two consecutive 180-day periods, and waive additional interest, fees or penalties beyond the amounts scheduled.

The guidance includes the relevant rules and guidelines governing CARES Act forbearance, along with answers to several frequently asked questions.