CFPB Announced Rescission of COVID-19 Relief Provisions and Revises Supervisory Guidance Expectations
This tool summarizes the CFPB’s announcement, which rescinds temporary relief provisions established during the COVID-19 pandemic, as well as sets new compliance standards for institutions subject to supervisory guidance. The following are the key takeaways of the changes:
- Beginning April 1, 2021, the CFPB will no longer consider any unique pandemic-related circumstances in evaluating institution’s compliance with regulatory requirements.
- The relief provisions under the CARES Act and any applicable provision outside of the CFPB requirements remain effective until further notice. However, the Bureau will no longer provide any consideration or flexibility outside of such existing relief provisions in exercising its supervisory and enforcement authority.
- The Bureau will no longer issue Supervisory Recommendations (SR.) The Bureau will continuing issuings Matters Requiring Attention (MRAs) and consider an institutions cooperation therewith in evaluating.
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