CFPB Rescinds Statements on COVID-Related Relief

Effective April 1st, the CFPB rescinded several policy statements previously issued in response to the COVID-19 pandemic.  It also rescinded a 2018 Bulletin on “Changes to Types of Supervisory Communications”.  This bulletin is replaced by Bulletin 2021-01, which indicates the CFPB will continue to use Matters Requiring Attention (MRAs) to communicate expectations and Compliance Management System deficiencies; and address violations.  MRAs may be issued with or without a violation of law.

The following statements have been rescinded:

Statement of Policy on Bureau Supervisory and Enforcement Response to COVID-19 Pandemic: This Statement indicated the CFPB would consider an institution’s staffing, resources and other pandemic-related challenges in its supervisory activities and enforcement actions.  It also stated the CFPB would be “sensitive” to good-faith efforts intended to help consumers.

Statement of Policy on Supervisory and Enforcement Practices Regarding Quarterly Reporting Under the Home Mortgage Disclosure ActThis Statement gave relief to institutions required to report HMDA data quarterly, indicating the failure to do so would not result in a citation or enforcement action.  In light of this, data for the first quarter of 2021 will be due by May 31, 2021 for quarterly filers.

Statement on Supervisory Enforcement Practices Regarding CFPB Information Collections for Credit Card and Prepaid Account Issuers: This Statement gave credit and prepaid card issuers some relief in submitting agreements; price and availability information.

Statement on Supervisory and Enforcement Practices Regarding the Fair Credit Reporting Act and Regulation V in Light of the CARES ActThis Statement communicated a “flexible supervisory and enforcement approach”, and consideration of an institution’s good faith efforts when evaluating furnishers’ responsibilities.  Note, institutions should continue to report consumer report information as required under the CARES Act.

Statement on Supervisory and Enforcement Practices Regarding Regulation Z Billing Error Resolution Timeframes in Light of the COVID-19 Pandemic:  This Statement indicated the CFPB would consider a creditor’s circumstances and good faith efforts when billing errors are not resolved within the required timeframes.

Statement on Supervisory and Enforcement Practices Regarding Electronic Credit Card Disclosures in Light of the COVID-19 PandemicThis Statement gave relief to institutions that did not obtain E-Sign consent during phone calls prior to giving disclosures electronically.

If you made any allowances or changes to your processes as a result of any of these statements, you will want to communicate that “relief” is no longer in effect. 

Published
2021/04/02

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