CFPB Issues Guidance Concerning COVID-19-Related Regulatory Pain Points

On May 13, 2020, the Consumer Financial Protection Bureau (CFPB) issued three guidance documents highlighting existing regulatory flexibility and responsibilities for financial institutions when interacting with consumers in the context of the COVID-19 pandemic:

1. A statement notifying credit card issuers and other open-end creditors that the CFPB will provide supervision and enforcement flexibility during the pandemic with respect to the timeframe for creditor completion of billing error investigations under Regulation Z;
2. FAQs on existing flexibility in Regulation E and Regulation DD for providers of checking, savings, or prepaid accounts; and
3. FAQs on existing flexibility for open-end credit in Regulation Z.