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On 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 few primary components, none of which are overly surprising given Acting Director David Uejio’s prior statements and the many rumors that have been circulating for quite some time now regarding the likelihood of future rulemaking. The Bureau also released a “Fast Facts” document summarizing the rule, and an unofficial redline of the proposed modifications to the regulatory text and official commentary.