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With a new administration incoming at the Consumer Financial Protection Bureau (CFPB) and the country turning the corner in its fight against the pandemic, the CFPB has begun to flex its regulatory muscles once again. From ensuring LGBTQ- and COVID-19-related protections to rescinding or delaying the implementation of Trump Administration-era rules and policy statements, the CFPB has been very active in recent weeks reasserting itself.
Protections for Disadvantaged Populations
Since its inception, the CFPB has promoted the rights and protections of disadvantaged populations through the release of policy statements and rules, as well as its enforcement of regulations like the Equal Credit Opportunity Act and Regulation B. In the past few weeks, the Bureau has taken robust action to enhance such protections.
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Rescission of Statement on Bureau Supervisory and Enforcement Response to COVID-19 Pandemic. The CFPB issued a
Statement on Bureau Supervisory and Enforcement Response to COVID-19 Pandemic (March 26, 2020). That statement is rescinded as of April 1, 2020, and in the rescission document, the CFPB announces its intent to exercise its supervisory and enforcement authority consistent with the Dodd-Frank Act and with the full authority afforded by Congress consistent with the Bureau’s statutory purpose and objectives.
The rescission document notes that the rescinded statement recognized the impact of the COVID-19 pandemic on the operations of many financial institutions, including staffing and related resource challenges. The CFPB states, however, that it has concluded that circumstances have since changed, and that financial institutions and other entities have adjusted their operations, including developing more ro
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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 First, it rescinded seven different policy statements that offered flexibility to financial institutions during the COVID-19 pandemic and the resulting economic downturn.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 On March 31, 2021, the CFPB rescinded seven policy statements, all issued from March to June 2020 during the tenure of then-Director Kathy Kraninger: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 pandemic-related flexibilities cuinsight.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cuinsight.com Daily Mail and Mail on Sunday newspapers.
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.