As the coronavirus pandemic persists in the U.S., “accommodation of consumers is the top priority” at the Consumer Financial Protection Bureau, Director Kathy Kraninger said today in remarks at the ABA Risk and Compliance Virtual Conference.
To support this focus, she added, the CFPB is conducting “prioritized assessments” in lieu of onsite examination. This approach to supervision helps the bureau learn about “the risks that consumers are facing now [and]understand better the operational challenges that institutions are facing . . . what is happening now and how can we assure ourselves at the CFPB that all the expectations we are setting for consumers are being met.”
Prioritized assessments will also help the bureau develop regulatory approaches that adapt to future conditions, she said. For example, she explained, the bureau is examining how e-signatures and digital disclosures are working in an environment where it may not be safe to deliver in-person disclosures and get physical signatures as required under certain regulations.