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CFPB Rescinds Policy Statements on Temporary Flexibility During Pandemic

On March 31, 2021, the CFPB announced that it will rescind seven separate policy statements issued last year, each meant to provide temporary flexibility to financial institutions, as they do business during the COVID-19 pandemic.

On March 31, 2021, the CFPB announced that it will rescind seven separate policy statements issued last year, each meant to provide temporary flexibility to financial institutions, as they do business during the COVID-19 pandemic. The statements address topics of interest to mortgage lenders, such as quarterly HMDA and FCRA reporting obligations and a more broad statement that, in its supervisory activities and enforcement actions, the CFPB would ‘take into account’ staffing and related resource challenges that confront lenders during the pandemic.

In the CFPB press release, the Acting Director of the CFPB noted that financial institutions have “developed more robust capabilities and demonstrated improved operations” during the pandemic, and that regulatory flexibility “should not come at the expense of consumers.”

This and other news regarding current regulatory updates can be found on the CFPB's website, cfpb.gov.

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In this blog concerning legal and regulatory matters of interest to the mortgage industry, Sandler Law Group (SLG) provides general information and industry observations that are not motivated by or concerned with a particular past occurrence or event, or a specific existing legal problem of which SLG is aware. Nothing published herein is intended to constitute legal advice and the use of the newsletter by a reader shall not give rise to an attorney-client relationship with SLG.  SLG expressly disclaims any representation of accuracy or reliability as to the content of this newsletter, as well as any obligation to maintain such content over time or to ensure it is free from errors. Brad Cope is the attorney responsible for the SLG content of this newsletter. The attorneys of SLG are not certified by the Texas Board of Legal Specialization.

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