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CFPB Rolls Back Several Regulatory Policies

The Consumer Financial Protection Bureau (CFPB) has rescinded seven policy statements issued last year that provided temporary flexibilities to financial institutions in consumer financial markets. Effective April 1, the statements provide guidance on complying with their legal and regulatory obligations.

The rescinded policy statements temporarily provided financial institutions with flexibilities regarding regulatory filings, or compliance with consumer financial laws and regulations.

With the rescissions, the CFPB is providing notice that it intends to exercise its supervisory and enforcement authority provided under the Dodd-Frank Act. The CFPB is also rescinding its 2018 bulletin on supervisory communications, and replacing it with a revised bulletin.

“We are now over a year into the disruptive and deadly COVID-19 crisis. The virus has affected industry as well as consumers, but individuals and families have been hardest-hit by the pandemic’s health and economic impacts,” said CFPB Acting Director Dave Uejio. “Providing regulatory flexibility to companies should not come at the expense of consumers. Because many financial institutions have developed more robust remote capabilities and demonstrated improved operations, it is no longer prudent to maintain these flexibilities. The CFPB’s first priority, today and always, is protecting consumers from harm.”

The rescinded policy statements include:

About Author: Eric C. Peck

Eric C. Peck has 20-plus years’ experience covering the mortgage industry, he most recently served as Editor-in-Chief for The Mortgage Press and National Mortgage Professional Magazine. Peck graduated from the New York Institute of Technology where he received his B.A. in Communication Arts/Media. After graduating, he began his professional career with Videography Magazine before landing in the mortgage space. Peck has edited three published books and has served as Copy Editor for Entrepreneur.com.
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