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CFPB Rescinds Temporary Policy Statements to Ensure Industry Complies with Consumer Protection Laws

31 Mar 2021 2:48 PM | Edith Tella (Administrator)

FOR IMMEDIATE RELEASE: March 31, 2021
MEDIA CONTACT: Office of Communications
Tel: (202) 435-7170

CFPB Rescinds Temporary Policy Statements to Ensure Industry Complies with Consumer Protection Laws

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today announced it is rescinding seven policy statements issued last year that provided temporary flexibilities to financial institutions in consumer financial markets including mortgages, credit reporting, credit cards and prepaid cards. The seven rescissions, effective April 1, provide guidance to financial institutions on complying with their legal and regulatory obligations. With the rescissions, the CFPB is providing notice that it intends to exercise the full scope of the supervisory and enforcement authority provided under the Dodd-Frank Act. The CFPB is also rescinding its 2018 bulletin on supervisory communications and replacing it with a revised bulletin describing its use of matters requiring attention (MRAs) to effectively convey supervisory expectations.

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