The CFPB recently rescinded certain policy statements it had published last year during the COVID-19 Pandemic that allowed for flexibility in complying with some regulatory requirements. The rescinded policy statements were all published between March 26 and June 3, 2020. The rescission of seven such policy statements was effective April 1, 2021.
The policy statements that were rescinded were:
- Statement on Bureau Supervisory and Enforcement Response to COVID-19 Pandemic (March 26, 2020)
- Statement on Supervisory and Enforcement Practices Regarding Quarterly Reporting Under the Home Mortgage Disclosure Act (March 26, 2020)
- Statement on Supervisory and Enforcement Practices Regarding CFPB Information Collections for Credit Card and Prepaid Account Issuers (March 26, 2020)
- Statement on Supervisory and Enforcement Practices Regarding the Fair Credit Reporting Act and Regulation V in Light of the CARES Act (April 1, 2020)
- Statement on Supervisory and Enforcement Practices Regarding Certain Filing Requirements under the Interstate Land Sales Full Disclosure Act (ILSA) and Regulation J (April 27, 2020)
- Statement on Supervisory and Enforcement Practices Regarding Regulation Z Billing Error Resolution Timeframes in Light of the COVID-19 Pandemic (May 13, 2020)
- Statement on Supervisory and Enforcement Practices Regarding Electronic Credit Card Disclosures in Light of the COVID-19 Pandemic (June 3, 2020)
- Bulleting 2018-01: Changes to Types of Supervisory Communications – replaced by Bulletin 2021-01
In addition to the above statement rescissions, the CFPB also withdrew as signatory to the following interagency statements:
- Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus (April 7, 2020)
- Interagency Statement on Appraisals and Evaluations for Real Estate Related Financial Transaction Affected by the Coronavirus (April 14, 2020)
For further information, view the CFPB’s press release announcing the rescission.
