CFPB Director Addresses Consumer Complaints Amidst COVID-19

CFPB Director Kraninger recently delivered remarks during a Consumer Data Industry Association webinar addressing a record-high number of consumer complaints received by the Bureau, and urging servicers and furnishers to utilize the CARES Act to aid borrowers struggling as a result of COVID-19.

The Director’s remarks focused on the importance of utilizing the tools available through the CARES Act to provide relief to struggling mortgagees in light of a heightened number of consumer complaints received by the Bureau in recent months.  The Director said that the Bureau would take robust supervisory action to ensure compliance with the CARES Act and FCRA.  To help servicers provide consumers with clear and accurate information about their options at this time, the Bureau has worked with HUD, FHA and the VA to create a website providing a wide array of housing information.

Lastly, furnishers of consumer credit information were reminded of the importance of credit reporting in consumers’ lives.  The Director clarified that should a consumer receive any relief through the CARES Act, that consumer should be reported as current on their applicable loans, in compliance with previously-issued guidance.

Additional WBK analysis of the obligations of furnishers and servicers in light of COVID-19 can be found here.