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CFPB statement on responsibility during pandemic
The CFPB has released a statement and FAQs outlining the responsibility of certain financial firms during the pandemic. In the statement, the Bureau outlines the billing error responsibilities of credit card issuers and other open-end non-home secured creditors during the COVID-19 pandemic. Additionally, the Bureau encourages financial firms to continue to provide the kind of assistance to their communities that many have been providing, such as waiving fees, lowering minimum-balance requirements, and implementing changes in account terms that benefit consumers.
- Statement on Supervisory and Enforcement Practices Regarding Regulation Z Billing Error Resolution Timeframes in Light of the COVID-19 Pandemic
- The Bureau's Payments and Deposits Rules FAQs related to the COVID-19 Pandemic
- The Bureau’s Open-End (not Home-Secured) Rules FAQs related to the COVID-19 Pandemic
It should be noted that these are Bureau statements, which may not reflect the positions of other federal financial regulators.