Consumer Protection

The Consumer Financial Protection Bureau (CFPB) was established to serve as the leading consumer protection agency in the financial sector. It has jurisdiction over the practices of banks (with more than $10 billion in assets), credit unions, payday lenders, mortgage servicers, student loan servicers, and debt collectors. It is responsible for rooting out unfair, deceptive, and abusive practices at these institutions by writing rules, conducting examinations, taking enforcement actions, and educating the public.

1 - Consumer Financial Protection Bureau (CFPB)

Date of Action:

06/3/2020

Summary of Action:  Relief allowing card issuers to accept oral, instead of written, consent from customers to receive disclosures required by Regulation Z electronically.

https://files.consumerfinance.gov/f/documents/cfpb_e-sign-credit-card_statement_2020-06.pdf

 

Type of Policy:  Agency statement

Expires:  No explicit expiration

2 - Consumer Financial Protection Bureau (CFPB)

Date of Action:

04/29/2020

Summary of Action:  Relief allowing covered mortgage lenders (1) to consummate mortgage transactions before the end of the waiting periods under the TILA-RESPA Integrated Disclosure (TRID) Rule and Regulation Z’s right of rescission rules, if the consumer certifies that they need the mortgage funds pursuant to a COVID-19 related bona fide personal financial emergency.

 

https://files.consumerfinance.gov/f/documents/cfpb_tila-respa-integrated-disclosure_rescission-pandemic-interpretive-rule.pdf

Type of Policy:  Interpretive rule

Expires:  No Experiation Date

3 - Consumer Financial Protection Bureau (CFPB)

Date of Action:

04/13/2020

Summary of Action:  Relief exempting COVID-19-related government relief stimulus payments from “compulsory use prohibition” of Reg. E, i.e. the rule that prohibits government agencies from requiring that consumers establish accounts with a particular financial institution for receipt of electronic transfers as a condition for receiving government benefits.  The relief is accomplished by excluding COVID-19 relief payments, that meet certain conditions, from the definition of “government benefit.”

 

https://www.consumerfinance.gov/about-us/newsroom/cfpb-paves-way-consumers-receive-economic-impact-payments-quicker/

 

Type of Policy:  Interpretive rule. 

Expires:  No explicit expiration date, but rule only applies to COVID-19 related payments.

4 - Consumer Financial Protection Bureau (CFPB)

Date of Action:

04/10/2020

Summary of Action:  Until January 1, 2021, the Bureau will not cite a supervisory violation or recommend enforcement action where remittance transfer providers give customers estimates of exchange rates and third-party fees, rather than exact actual amounts; under Electronic Funds Transfer Act and Remittance Rule, providers would have been required to give exact amounts rather than estimates on July 21, 2020.

 

https://files.consumerfinance.gov/f/documents/cfpb_policy-statement_remittances-covid-19_2020-04.pdf

Type of Policy:  Staff statement.

Expires:  January 1, 2021

Additional Information:  American Banker discusses the ways the CFPB has provided regulatory

5 - Consumer Finance Protection Bureau (CFPB)

Date of Action:

04/01/2020

Summary of Action:  The CFPB will not cite in an examination, or bring an enforcement action, against a against firms who exceed the deadlines to investigate credit reporting disputes as long as they make “good faith efforts” during the pandemic to do so as quickly as possible.

 

https://files.consumerfinance.gov/f/documents/cfpb_credit-reporting-policy-statement_cares-act_2020-04.pdf

Type of Policy:  Agency statement.

Expires:  No expiration stated.

6 - Consumer Financial Protection Bureau (CFPB)

Date of Action:

03/26/2020

Summary of Action:  The CFPB will not cite in an examination, or initiate an enforcement action, for failure of institutions to submit: (1) TILA annual reports on agreements between credit card companies and colleges; (2) quarterly submission of credit card agreements; (3) credit card pricing and availability information; and (4) prepaid account agreements.

 

https://files.consumerfinance.gov/f/documents/cfpb_data-collection-statement_covid-19_2020-03.pdf

Type of Policy:  Agency statement. 

Expires:  Until further notice.

7 - Consumer Financial Protection Bureau (CFPB)

Date of Action:

03/26/2020

Summary of Action:  The CFPB will not cite in an examination, or initiate an enforcement action, for failure of an institution to report quarterly HMDA data (first quarterly submissions would be due on May 30).  Entities should continue collecting and recording HMDA data in anticipation of making annual data submissions.

 

https://files.consumerfinance.gov/f/documents/cfpb_hmda-statement_covid-19_2020-03.pdf

Type of Policy:  Agency statement. 

Expires:  Until further notice.

8 - FRB, OCC, CFPB, FDIC, NCUA, CSSS

Date of Action:

03/22/2020

Summary of Action:  Explanation of supervisory expectations during COVID-19 crisis, including that banks will work with customers impacted by the crisis, and explaining that actions such as loan modifications to support customers are viewed as positive action and will not lead to negative supervisory actions.

 

https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200322a.htm;

 

https://www.federalreserve.gov/supervisionreg/srletters/SR2004.htm

Type of Policy:  Interagency statement; Supervisory letter. 

Expires:  No expiration.

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