CFPB Announces Targeted Regulatory Flexibility

Consumer Financial Protection Bureau Director Kathy Kraninger said, in a notice dated March 26, 2020, the agency has joined with other regulators to provide guidance to financial institutions, lenders, and creditors encouraging them to work constructively with borrowers and customers affected by COVID-19. 

"I applaud the many financial institutions who have been actively assessing their capabilities and publicly taking steps consistent with our guidance," Kraninger wrote. "CFPB has actively engaged with regulated entities, consumer advocates, state partners, and other stakeholders to ensure we are providing appropriate flexibilities to benefit consumers during this time."

Kraninger said the priority must be responding to consumers facing nearer-term issues, and announced temporary and targeted regulatory flexibility, for example delaying reporting requirements, that will facilitate help to consumers. She added that CFPB will provide further relief as needed to ensure that resources can be focused on consumers.

Finally, CFPB launched a dedicated webpage for COVID-19 resources to help consumers protect their finances.