CFPB Makes Temporary Revisions to Default Servicing Rules to Assist Borrowers at Risk of Foreclosure

On June 28, 2021, the US Consumer Financial Protection Bureau announced that it had finalized revisions to the Regulation X default servicing rules that are designed to assist delinquent borrowers impacted by the COVID-19 pandemic. In this Legal Update, we describe the unique challenges facing servicers and borrowers that prompted the Bureau to amend Regulation X and discuss the key provisions of the new rules.