The CFPB is Sending Mixed Messages on COVID-19 Flexibility

A&B ABstract On June 16th, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) issued a Compliance Aid titled “Consumer Reporting FAQs Related to the CARES Act and COVID-19 Pandemic.” This Compliance Aid clarifies the Bureau’s April 1, 2020 Statement that providing furnishers flexibility in handling disputes during the pandemic is not unlimited, putting consumer reporting […]

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A&B ABstract:  On March 26, the Consumer Financial Protection Bureau (“CFPB”) issued three separate policy statements in response to the COVID-19 pandemic.  These announcements recognize the operational and resource challenges companies are facing as a result of the pandemic, and provide some regulatory flexibility.  Separately, the CFPB and four prudential banking regulators issued a statement […]

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CSI: Confidential Supervisory Information is not a show many banks would enjoy watching, but it’s one of three areas our Financial Services & Products Group notes banks should keep in mind if they become the subject of subpoenas, document requests, examinations, or investigations by government agencies.

A&B ABstract: On April 1, 2021, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) issued a Compliance Bulletin and Policy Guidance (the “Bulletin”) on the Bureau’s supervision and enforcement priorities with regard to housing insecurity in light of heightened risks to consumers needing loss mitigation assistance once COVID-19 foreclosure moratoriums and forbearances end.  The Bulletin […]

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Debt collectors can expect the Consumer Financial Protection Bureau and Federal Trade Commission to be active regulators in the Biden Administration, especially during – and in the wake of – the COVID-19 pandemic. Our Consumer Protection/FTC and Financial Services Litigation teams examine the agencies’ latest reports on their work in 2020 and anticipate a tougher environment going forward.