On 4/28/2021, the CFPB issued a bulletin that analyzes complaints submitted by consumers in counties nationwide. In their release, the CFPB explains that, in 2019 and 2020, it received more complaints on a per-capita basis from consumers living in predominantly minority counties than from consumers in predominantly white, non-Hispanic counties. Consumers in counties with the highest percentage of minority population submitted complaints at over four times the rate compared to counties with the lowest percentage of minority population.

On 4/27/2021, the CFPB officially delayed the mandatory compliance date of the General Qualified Mortgage (QM) final rule from July 1, 2021 to October 1, 2022. In their release, the CFPB states it is taking this action to help ensure access to responsible, affordable mortgage credit, and preserve flexibility for consumers affected by the COVID-19 pandemic and its economic effects.

on 4/22/21, the FDIC issued a proposed rule implementing its statutory authority to prohibit any person or organization from making misrepresentations about FDIC deposit insurance or misusing the FDIC’s name or logo. This statutory authority allows the FDIC to bring formal enforcement actions, such as cease and desist orders or civil money penalties, against individuals or entities for violations.

In April of 2021, the CFPB released an update Debt Collection Small Entity Compliance Guide, which focuses on the Debt Collection Rule and includes a detailed summary of the Debt Collection Rule’s substantive prohibitions and requirements.

On 4/9/2021, the FDIC announced that it is again seeking the public’s input on potential modernization of its sign and advertising requirements to better reflect how banks and savings associations operate and how consumers use banking services. This request for information reopens a notice the FDIC originally published in the Federal Register on 2/19/2020, just prior to the COVID-19 Pandemic. Given the challenges associated with the COVID-19 pandemic, the FDIC temporarily postponed this effort on April 16, 2020. The goal of this request is to solicit public input regarding potential changes to its official sign and advertising rules, as the last significant updates to these rules were in 2006.

On 4/1/2021, the CFPB warned mortgage servicers to take all necessary steps now to prevent a wave of avoidable foreclosures this fall. In their release, the CFPB explained that millions of homeowners currently in forbearance will need help from their servicers when the pandemic-related federal emergency mortgage protections expire this summer and fall, and that servicers should dedicate sufficient resources and staff now to ensure they are prepared for a surge in borrowers needing help. The CFPB explained that they will closely monitor how servicers engage with borrowers, respond to borrower requests, and process applications for loss mitigation.

On 4/7/21, the CFPB announced a proposal to delay the effective date of two recent debt collection rules from 11/30/21 to 1/29/22. In their release, the CFPB explains that the proposed delay would allow stakeholders affected by the pandemic additional time to review and implement the rules.