WBK Industry News - Federal Regulatory Developments

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:

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.