Effective April 1, 2021, the Consumer Financial Protection Bureau (CFPB) has rescinded seven policy statements which provided temporary flexibility to financial institutions during the past year of the Covid-19 pandemic. These policy statements, issued between March 26 and June 3, 2020, relate to certain regulatory filings or compliance with consumer financial laws and regulations related to mortgages, credit reporting, credit cards, and prepaid cards. The seven policy statements rescinded are as follows:
- March 26, 2020 Statement on Bureau Supervisory and Enforcement Response to COVID-19 pandemic.
- March 26, 2020 Statement on Supervisory and Enforcement Practices Regarding Quarterly Reporting Under HMDA.
- March 26, 2020 Statement on Supervisory and Enforcement Practices Regarding CFPB Information Collections for Credit Card and prepaid Account Issuers.
- April 1, 2020 Statement on Supervisory and Enforcement Practices Regarding the Fair Credit Reporting Act and Regulation V in Light of the CARES Act.
- April 27, 2020 Statement on Supervisory and Enforcement Practices Regarding Certain Filing Requirements Under the Interstate Land Sales Full Disclosure Act and Regulation J.
- May 13, 2020 Statement on Supervisory and Enforcement Practices Regarding Regulation Z Billing Error Resolution Timeframes in Light of the COVID-19 Pandemic.
- June 3, 2020 Statement on Supervisory and Enforcement Practices Regarding Electronic Credit Card Disclosures in Light of the COVID-19 Pandemic.
Rescission Statements:
- https://files.consumerfinance.gov/f/documents/cfpb_final-rescission_enf-and-supervisory-response_2021-03.pdf
- https://files.consumerfinance.gov/f/documents/cfpb_final-rescission_hmnd-qrtly-reporting-consolidated_2021-03.pdf
- https://files.consumerfinance.gov/f/documents/cfpb_final-rescission_cc-prepaid-info-collectns-cons_2021-03.pdf
- https://files.consumerfinance.gov/f/documents/cfpb_final-rescission_fcra-enforcement-flexibility_2021-03.pdf
- https://files.consumerfinance.gov/f/documents/cfpb_final-rescission_ilsa-filings-consolidated_2021-03.pdf
- https://files.consumerfinance.gov/f/documents/cfpb_final-rescission_billing-error-resolution_2021-03.pdf
- https://files.consumerfinance.gov/f/documents/cfpb_final-rescission_electronic-cc-discl-e-sign-consent-cons_2021-03.pdf