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CFPB rescinds 7 pandemic-related policy statements

The Consumer Financial Protection Bureau has announced that it is rescinding seven policy statements that were issued last year to assist financial institutions during the height of the pandemic. Issued between March 26 and June 3, 2020, the policy statements provided some flexibility in complying with certain regulatory filings and consumer finance laws.

The rescission date for the policy statements was April 1, 2021. The CFPB stated in each policy rescission that it would not be providing a notice and comment period as it would with rulemaking. The statements are intended to provide information regarding the CFPB’s plans to exercise its supervisory and enforcement discretion, which does not impose any change to existing legal requirements.

The rescinded policy statements include:

Additionally, the CFPB released Bulletin 2021-01 on March 31, 2021, which rescinds and replaces Bulletin 2018-01, issued on Sept. 25, 2018. The new Bulletin announced that the CFPB will no longer issue formal written Supervisory Recommendations. Instead, examiners will issue Matters Requiring Attention (MRAs) to express expectations to supervised entities, with or without a related finding of a violation. The MRAs should include specific goals and corrective actions to be taken, along with a specific timeline for actions.

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Topics from this blog: Compliance CFPB COVID-19