3.31.21
On March 31, the Consumer Financial Protection Bureau (CFPB) rescinded seven policy statements issued last year that provided “temporary flexibilities” during the pandemic in consumer financial markets. Effective April 1, the agency will undo relief linked to credit reporting, credit cards, and a reprieve from submitting loan data under the Home Mortgage Disclosure Act, along with other policies.In a news release, CFPB Acting Director Dave Uejio stated, “Because many financial institutions have developed more robust remote capabilities and demonstrated improved operations, it is no longer prudent to maintain these flexibilities.” However, the bureau is leaving some elements of the policy statements intact, including the agency’s support for providing customers with payment relief options.