March 18, 2020 / Source: CFPB

CFPB Director Kraninger Statement on Joint HUD-FHFA Announcement on Foreclosure and Eviction Moratorium

MAR 18, 2020

WASHINGTON, D.C. – Consumer Financial Protection Bureau Director Kathleen L. Kraninger made the following statement today after the U.S. Department of Housing and Urban Development and the Federal Housing Finance Agency announced a moratorium on foreclosures and evictions:

“The actions taken today by HUD and FHFA are timely and an important step in providing assurance to consumers. I commend my colleagues at HUD and FHFA for being proactive on this issue and providing Americans with much needed peace of mind during this uncertain time.

“Earlier this month, the Bureau, along with our Federal and State partners, encouraged financial institutions to work with their customers affected by the coronavirus. Consumers’ first stop in the face of hardship is with their creditors and their financial institutions, so our message was important for regulated entities to hear. I will continue to work with our Federal and State partners, and seek feedback from stakeholders, to ensure we are providing appropriate flexibilities to benefit consumers during this time.

“For consumers, the Bureau continues our work to protect them in the financial marketplace. We have released resources for consumers to understand issues that may arise as a result of COVID-19, including information on how to protect their finances and how to submit complaints. Our team is ready to help consumers resolve issues with their financial services providers who submit a complaint through our consumer complaint system.”

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The Consumer Financial Protection Bureau is a 21st century agency that helps consumer finance markets work by regularly identifying and addressing outdated, unnecessary, or unduly burdensome regulations, by making rules more effective, by consistently enforcing federal consumer financial law, and by empowering consumers to take more control over their economic lives. For more information, visit consumerfinance.gov.