The Consumer Financial Protection Bureau (CFPB) Thursday announced several changes called for by CUNA to allow financial institutions flexibility during the coronavirus disease (COVID-19) outbreak. CUNA President/CEO Jim Nussle discussed suggestions to help credit unions better serve their members during a call with CFPB Director Kathy Kraninger and followed up with a letter detailing credit union issues.
The CFPB will not expect reporting:
CUNA’s letter requested that both be postponed.
To the extent the submission of information is required by law, the CPPB is issuing policy statements indicating that it does not intend to cite in an examination or initiate an enforcement action against any entity for failure to submit such information when required. The CFPB will notify entities at a later date of when and how to submit information under these requirements.
CUNA also requested the CFPB adopt a policy of “good faith efforts toward substantial compliance” during the examination process once they resume after the pandemic.
According to the CFPB it will, when conducting examinations and other supervisory activities and in determining whether to take enforcement action, “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.”