On March 31, 2021, the Consumer Financial Protection Bureau (CFPB) announced it is rescinding seven policy statements issued last year that provided temporary flexibilities to financial institutions in various consumer financial markets, including mortgages, credit reporting, credit cards and prepaid cards. The seven rescissions are effective as of April 1, 2021 and provide guidance as to how financial institutions should now comply with various consumer financial laws and regulations. The CFPB is also rescinding Bulletin 2018-01 on supervisory communications and replacing it with Bulletin 2021-01 which states that the CFPB will continue to rely on “Matters Requiring Attention” (MRAs), explains the circumstances under which the CFPB will do so, and announces that the CFPB will discontinue use of Supervisory Recommendations.

Full Memorandum