The agency is postponing data collection in order to give lenders flexibility during the COVID-19 outbreak
The Consumer Financial Protection Bureau announced Thursday that it will postpone some data collection in order to provide financial institutions with flexibility to work with customers during the coronavirus outbreak.
“As consumers seek temporary relief from lenders, the pandemic is impacting the operations of financial companies that are eager to help their customers during this unprecedented time,” said CFPB Director Kathleen Kraninger. “Our actions today are temporary and targeted to support consumers by allowing financial companies to focus their resources on assisting consumers.”
The CFPB will not expect quarterly information reporting by certain mortgage lenders as required under the Home Mortgage Disclosure Act and Regulation C. However, the CFPB said that lenders should continue collecting and recording HDMA data in anticipation of making annual submissions. The CFPB said that it will provide information on how and when institutions will be expected to commence what would have been new quarterly HDMA data submissions.
The CFPB will also not expect the reporting of some information related to credit cards and prepaid accounts.
The CFPB said that it would work with financial institutions affected by the COVID-19 outbreak in scheduling examinations and other supervisory activities in order to minimize disruption.
“When conducting examinations and other supervisory activities and in determining whether to take enforcement action, the Bureau will consider the circumstances that entities may face as a result of the COVID-19 pandemic and will be sensitive to good-faith efforts demonstrably designed to assist consumers,” the CFPB said.
