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Another day, another major pronouncement from the Consumer Financial Protection Bureau (CFPB or Bureau), which just took two important actions. First, it rescinded seven different policy statements that offered flexibility to financial institutions during the COVID-19 pandemic and the resulting economic downturn. Second, it dropped what many viewed to be an important supervisory tool. We explain what happened and why it matters.
What Happened
If it was not apparent before today, the era of COVID-19 accommodations for industry is coming to a screeching halt. On March 31, 2021, the CFPB rescinded seven policy statements, all issued from March to June 2020 during the tenure of then-Director Kathy Kraninger:
CFPB Rescinds Temporary COVID Policy Statements | Akerman LLP jdsupra.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jdsupra.com Daily Mail and Mail on Sunday newspapers.