Rules, Rulings, & ESG – May 2021

CFPB RESCINDS POLICY STATEMENTS

The Consumer Financial Protection Bureau (CFPB) announced on March 31, 2021, that it had rescinded seven policy statements (in addition to the recission of the UDAAP Policy statement rescinded on March 11 – See below) issued under the prior administration. The seven rescissions were effective April 1, 2021. The policy statements at issue provided temporary flexibilities to financial institutions in consumer financial markets including mortgages, cre…