To help banks focus on responding to their customers’ needs during the coronavirus pandemic, the Consumer Financial Protection Bureau today announced it will postpone certain data collections for CFPB-related rules. This includes data required to be submitted under the Home Mortgage Disclosure Act and Regulation C, the Truth in Lending Act, Regulation Z and Regulation E.
In two separate policy statements issued with the announcement, the CFPB said it would delay quarterly HMDA reporting; annual submissions concerning agreements between credit card issuers and institutions of higher education; quarterly submission of consumer credit card agreements; collection of certain credit card price and availability information; and submission of prepaid card account agreements.
The CFPB confirmed that it “does not intend to cite in an examination or initiate an enforcement action against any institution” that fails to submit these data according to the established reporting schedules, but added that institutions should continue gathering the data in anticipation of making future submissions. The CFPB said it would provide more information at a later date about resuming regular reporting.
In addition, the CFPB will also postpone data collection efforts related to the cost of compliance in connection with a pending rulemaking on Section 1071 of the Dodd-Frank Act and a survey of banks providing Property Assessed Clean Energy loans to consumers.
Finally, the bureau said it would work with institutions to schedule examinations and other supervisory activities in a manner that would minimize disruption and burden. When issuing enforcement actions, the CFPB will “take into account current staffing and related resource challenges confronting financial institutions and their counsel.”