The CFPB cancels several regulatory policies

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The Consumer Financial Protection Bureau (CFPB) rescinded seven policy statements released last year that offered temporary flexibilities to financial institutions in consumer financial markets. As of April 1, statements provide guidance on meeting their legal and regulatory obligations.

The rescinded policy statements temporarily provided financial institutions with flexibilities regarding regulatory filings or compliance with consumer financial laws and regulations.

With the cancellations, the CFPB announces its intention to exercise its supervisory and enforcement authority under the Dodd-Frank Act. The CFPB is also revoking its 2018 bulletin on supervisory communications and replacing it with a revised bulletin.

“We are now over a year into the disruptive and deadly COVID-19 crisis. The virus has affected industry as well as consumers, but individuals and families have been hit hardest by the health and economic impacts of the pandemic, ”said Dave Uejio, acting director of CFPB. “Providing regulatory flexibility to businesses should not come at the expense of consumers. As many financial institutions have developed more robust remote capabilities and demonstrated improved operations, it is no longer prudent to maintain these flexibilities. Protecting consumers from harm is the first priority of the CFPB, today and always.

Rescinded policy statements include:

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