March 27, 2020

CFPB Postpones Certain Data Collections and Discusses COVID-19's Effect on Examinations

2 min

The CFPB has announced that the Bureau would provide additional flexibility to financial services companies by postponing certain data collections on some CFPB-related rules. This announcement allows the industry to be agile and adjust resource allocations in response to COVID-19. Director Kathleen Kraninger stated, "[the CFPB's] actions today are temporary and targeted to support consumers by allowing financial companies to focus their resources on assisting consumers."

The Bureau suspended or postponed the following reporting and data collections:

  • Quarterly information reporting by certain mortgage lenders as required under the Home Mortgage Disclosure Act (HMDA) and Regulation C;
  • Credit card and prepaid account information under the Truth in Lending Act, Regulation Z, and Regulation E, including annual submissions concerning agreements between credit card issuers and institutions of higher education, collection of certain credit card price and availability information, and submission of prepaid account agreements and related information;
  • A survey of financial institutions that seeks information on the cost of compliance in connection with pending rulemaking on Section 1071 of the Dodd-Frank Act; and
  • A survey of firms providing Property Assessed Clean Energy (PACE) financing to consumers for the purposes of implementing Section 307 of the Economic Growth, Regulatory Relief, and Consumer Protection Act.

The Bureau states that it will not cite or initiate an enforcement action against any entity for failure to submit such information when required. However, entities must maintain the required information to enable them to submit pursuant to Bureau guidance when required.

The Bureau also announced that it will work with affected financial institutions in scheduling examinations and other supervisory activities. According to the CFPB, this will minimize disruptions caused by operational changes as a response to COVID-19. Finally, the Bureau noted that the agency will consider COVID-19-related circumstances when conducting examinations and "will be sensitive to good-faith efforts demonstrably designed to assist consumers."