CFPB Providing Flexibility in Response to COVID-19
On March 26, 2020, the CFPB—as part of its response to the COVID-19 pandemic—announced certain changes to promote flexibility and support the role financial institutions play in providing consumers with access to credit and other funds. The Bureau has issued the following three policy statements:
- Statement on Supervisory and Enforcement Practices Regarding Quarterly Reporting Under the Home Mortgage Disclosure Act
- Statement on Supervisory and Enforcement Practices Regarding Bureau Information Collections for Credit Card and Prepaid Account Issuers
- Statement on Bureau Supervisory and Enforcement Response to COVID-19 Pandemic
Among other changes, the Bureau, as of March 26 and until further notice, will not penalize those mortgage lenders subject to the reporting requirement for failing to report HMDA data quarterly. Lenders, however, must continue to collect and record HMDA data in anticipation of annual data submissions.
