The CFPB has served notice that, effective April 1, it is rescinding seven statements issued in 2020 that the Bureau would be flexible with enforcement during the pandemic. Those "flexibilities" extended to, among other things:
- Loan modifications and related reporting
- Appraisals and evaluatiions
- Quarterly HMDA reporting
- Information colelctions requirements on credit card and prepaid debit card accounts
- FCRA and Regulation V
- ILSA and Regulation J filing requirements
- Reg Z billing error resolution timeframes
The Bureau said it's taken this action to ensure the industry complies with consumer protection laws.
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