CFPB Temporarily Postpones Reporting for Financial Institutions in Response to COVID-19 Pandemic

  • The Consumer Financial Protection Bureau (“CFPB”) announced a temporary relaxation of certain regulatory requirements so that financial companies can better assist their customers in response to the COVID-19 pandemic.
  • The CFPB temporarily will “not expect” quarterly reporting by mortgage lenders required under the Home Mortgage Disclosure Act and Regulation C, and reporting of information relating to credit card and prepaid accounts under the Truth in Lending Act, Regulation Z, and Regulation E. The CFPB also announced a postponement of a survey of financial institutions seeking information on the cost of compliance with the Dodd-Frank Act, and a postponement of a survey of firms providing Property Assessed Clean Energy financing to consumers.
  • In addition, the CFPB will work with financial institutions to schedule examinations and other supervisory activities to minimize disruption and burden and in consideration of the circumstances that financial entities may face as a result of the COVID-19 pandemic.