The CFPB announced the recession of seven policy statements issued last year that provide temporary flexibilities to financial institutions due to COVID-19. The statements rescinded are as follows:
- Statement on Supervisory and Enforcement Practices Regarding Quarterly Reporting Under the Home Mortgage Disclosure Act (March 26, 2020);
- Statement on Supervisory and Enforcement Practices Regarding Bureau Information Collections for Credit Card and Prepaid Account Issuers (March 26, 2020);
- Statement on Bureau Supervisory and Enforcement Response to COVID-19 Pandemic (March 26, 2020);
- Statement on Supervisory and Enforcement Practices Regarding the Fair Credit Reporting Act and Regulation V in Light of the CARES Act (April 1, 2020);
- Statement on Supervisory and Enforcement Practices Regarding Certain Filing Requirements Under the Interstate Land Sales Full Disclosure Act and Regulation J (April 27, 2020);
- Statement on Supervisory and Enforcement Practices Regarding Regulation Z Billing Error Resolution Timeframes in Light of the COVID-19 Pandemic (May 13, 2020); and
- Statement on Supervisory and Enforcement Practices Regarding Electronic Credit Card Disclosures in Light of the COVID-19 Pandemic (June 3, 2020)
In addition, the CFPB announced that financial institutions will no longer be afforded the flexibilities set forth in the following interagency statements:
- Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus (April 7, 2020); and
- Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus (April 7, 2020)
The rescissions are effective April 1, 2021.
Click to view the CFPB Press Release: https://www.tenaco.com/wp-content/uploads/2021/04/CFPB-Press-Release-03-31-21.pdf
