CBA Statement on CFPB Decision to Revoke Much-Needed COVID-19 Flexibility 

March 31, 2021
Lauren Bianchi

CBA Statement on CFPB Decision to Revoke Much-Needed COVID-19 Flexibility 

 

WASHINGTON – Consumer Bankers Association President and CEO Richard Hunt today issued the following statement after the Consumer Financial Protection Bureau, under Acting Director Dave Uejio, announced its decision to revoke much-needed COVID-19 flexibility for banks, which will go into effect tomorrow, April 1, 2021:

 

“This announcement ignores the reality facing banks across the country. Hundreds of thousands of bankers continue to work from home and need the flexibility to protect customers remotely. While our institutions continue to comply with the law, revoking this flexibility in the final stages of this pandemic is not the answer. The Bureau should be looking for ways to ensure banks can better serve consumers and small businesses as we all work towards the other side of this public health crisis – not hamstring them with 24-hour notices.”

  

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About the Consumer Bankers Association:

The Consumer Bankers Association represents America’s leading retail banks. We promote policies to create a stronger industry and economy. Established in 1919, CBA’s corporate member institutions account for 1.7 million jobs in America, extend roughly $4 trillion in consumer loans and provide $275 billion in small business loans annually. Follow us on Twitter @consumerbankers.