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ARTICLE · 27 JANUARY 2021

CFPB Releases Feedback On Supervised Institutions' COVID-19 Operations

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In response to the significant impacts of the COVID-19 pandemic, the US Consumer Financial Protection Bureau ("CFPB" or "Bureau") announced in July 2020 that it would shift its supervisory...

United StatesConsumer Protection
Ori Lev
Ori Lev
Stephanie Robinson
Stephanie Robinson
Anjali Garg
Anjali Garg
Christa Bieker
Christa Bieker
Francis L. Doorley
Francis L. Doorley
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Kevin Healy
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In response to the significant impacts of the COVID-19 pandemic, the US Consumer Financial Protection Bureau ("CFPB" or "Bureau") announced in July 2020 that it would shift its supervisory priorities and begin performing Prioritized Assessments ("PAs" or "assessments") instead of planned examinations. On January 19, 2021, the CFPB issued its findings in a COVID-19 Prioritized Assessments Special Edition of Supervisory Highlights (the "Report"). Supervised entities in the areas discussed should evaluate the Report findings, as these may become future supervisory and enforcement priorities.

PA Background

The PAs are a new, targeted supervisory approach developed to evaluate the pandemic's effect on consumers and the consumer financial marketplace, and to obtain real-time information from regulated entities in markets with elevated risks of consumer harm because of the pandemic. PAs are focused on (i) areas where the CFPB believes the risks are highest to consumers

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