CFPB Reverses Pandemic Flexibilities, Vowing Enforcement
The Consumer Financial Protection Bureau announced Wednesday it is rescinding seven of its temporary policies put in place to protect consumers during the pandemic. The seven rescissions will be effective Thursday, April 1, with the government agency noting that it intends to exercise the full scope of its supervisory and enforcement authority provided under the Dodd-Frank Act.
In one of its key decisions, the CFPB said it will roll back its leniency on reporting Home Mortgage Disclosure Act data. In March 2020, the CFPB announced it would no longer require certain lenders to report quarterly information under HMDA, however, now the agency is instructing all financial institutions to do so beginning with their 2021 first-quarter data due by May 31.