The Consumer Financial Protection Bureau (CFPB) has said that lenders can delay submission of quarterly data reports as they continue to grapple with the coronavirus (Covid-19) pandemic.
The CFPB noted that it is postponing the data collections to help financial firms to deal with the customers in need.
CFPB director Kathleen Kraninger said: “As consumers seek temporary relief from lenders, the pandemic is impacting the operations of financial companies that are eager to help their customers during this unprecedented time.
“Our actions today are temporary and targeted to support consumers by allowing financial companies to focus their resources on assisting consumers.
“The Bureau, along with our state and federal partners, has released prior guidance encouraging financial institutions to work constructively with borrowers and other customers affected by Covid-19 to meet their financial needs.
“We will continue to issue additional guidance and policies to facilitate the ongoing collaborative relationship between companies and their customers during this time.”
The Bureau will not expect reporting from certain mortgage lenders as required under the Home Mortgage Disclosure Act (HMDA).
The Bureau will not expect credit card and prepaid accounts data as well.
Additional data collections to be postponed
The bureau has also decided to postpone a survey that requires information on the cost of compliance.
The Bureau will notify the firms at a later date of when and how to submit information.
CFPB will also examine and monitor financial institutions that are facing challenges due to the pandemic and take necessary enforcement actions whenever required.