John Zasada, Compliance Consulting Director, Financial Institutions Group

On March 31, 2021, the Consumer Financial Protection Bureau (CFPB) announced it is rescinding seven policy statements issued in 2020. All of the policy statements were issued because of the pandemic and provide regulatory flexibility to financial institutions. The seven rescissions, effective April 1, signal a return of the CFPB to exercising its full supervisory and enforcement authority.

Here are the policy statements being rescinded:

If you have any questions about how this may impact your financial institution, please contact Doeren Mayhew’s regulatory compliance specialists.