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Jason Bushby provides regulatory compliance, examination, enforcement, and litigation assistance to a range of financial services clients across the country. He serves as counsel to the American Bankers Association and general counsel to the Alabama Consumer Finance Association. He is also a frequent speaker during webinars and trade association presentations on regulatory compliance issues.

After (Another) Unusual Year, We’re Very Thankful and Wish You a Happy ThanksgivingNow that the pandemic’s “social distancing” is lessening, we hope you are all able to gather with friends and family this Thanksgiving. As we do the same, we wanted to count our blessings as we review the year. This year, we are thankful for being able to return to our offices, our favorite restaurants, and

Agencies’ Joint Statement on Supervisory and Enforcement Practices Forecasts Increased Scrutiny and Regulatory Activity On November 10, 2021, the Board of Governors of the Federal Reserve, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, and state financial regulators issued a Joint Statement on Supervisory and Enforcement Practices Regarding the Mortgage Servicing Rules in Response

The CFPB’s New COVID-19 Procedural Safeguard Rules Pose Significant Compliance Challenges for Mortgage ServicersJust two short months after the Consumer Financial Protection Bureau announced its COVID-19 mortgage servicing final rule, the effective date of August 31, 2021, is here. As we noted in our detailed breakdown of the final rule and corresponding webinar, the final rule poses new risks and challenges for mortgage servicers attempting to

CFPB Releases TRID Guidance for Juneteenth National Independence DayLate last week, the Consumer Financial Protection Bureau (CFPB) released an interpretive rule that provided much-welcome guidance related to the effect of the new Juneteenth National Independence Day on disclosure waiting periods under the TILA-RESPA Integrated Disclosure (TRID) rule. According to CFPB Acting Director David Uejio, the Bureau “understand[s] that the quick enactment of

Detailed Breakdown of the CFPB’s COVID-19 Mortgage Servicing Final RuleWith the release of the Consumer Financial Protection Bureau’s COVID-19 mortgage servicing final rule and an August 31, 2021, effective date that will be here before we know it, the race is on for servicers to digest the law’s new requirements and prohibitions and then implement them. This will not be an easy task.

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CFPB Releases COVID-19 Mortgage Servicing Final RuleOn June 28 2021, the Consumer Financial Protection Bureau released its much-anticipated mortgage servicing final rule related to COVID-19. This rulemaking amends Regulation X and, as expected, largely tracks the proposal that the Bureau issued in early April 2021 and that we wrote about shortly thereafter. The new rules will become effective on August 31,

CFPB Proposes COVID-19-Related Amendments to the Mortgage Servicing RulesOn April 5, 2021, the Consumer Financial Protection Bureau issued a proposal to amend the existing loss mitigation rules in Regulation X. As stated in the Bureau’s press release, the proposal is designed to “help prevent avoidable foreclosures as the emergency federal foreclosure protections expire.” To accomplish that goal, the proposed rule has a

What Does CA AB 3088 Mean for Mortgage Servicers? PART IILast year, our blog, What Does CA AB 3088 Mean for Mortgage Servicers?, examined some new and notable obligations California imposes on mortgage servicers, including requirements to provide forbearance denial notices. In that blog, we promised the publication of a Part II that further expanded upon CA AB 3088. In this Part II, we

When Do CARES Act Forbearance Rights and Foreclosure Moratoriums End?The March 2020 Coronavirus Aid, Relief, and Economic Security Act (CARES Act) contains a number of provisions that help borrowers with federally backed mortgage loans. Among these are forbearance protections for borrowers with single-family loans and multifamily loans. However, only one of the forbearance provisions has a clearly defined period when the rights are available.

COVID-19 Mortgage Servicing Trends Report: 2020 Year-End ReviewOh what a year it has been in the mortgage servicing world! In 2020, our COVID-19 Compliance Roundtable met weekly to discuss emerging compliance issues under the CARES Act, federal agency guidance, state laws and orders, and the many operational hurdles regarding residential mortgage loans that servicers are facing. We’ve summarized the key trends and