Reiteration of Statement on Supervisory Practices Regarding Financial Institutions and Consumers Affected by a Major Disaster or Emergency
This tool summarizes the CFPB’s Statement issued on September 14, 2018, addresses regulatory flexibilities available to institutions in certain disaster or emergency situations. The key takeaways are:
- The CFPB issued this statement in 2018 and reiterated the statement in 2021, in light of several emergency situations occurring throughout the nation.
- The Bureau will consider the circumstances of institutions facing a major disaster or an emergency in examinations and other supervisory activities where the institution made good faith efforts to meet regulatory requirements.
- The CFPB statement is non-binding on the Bureau.
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