CFPB Releases Feedback on Supervised Institutions’ COVID-19 Operations

In response to the significant impacts of the COVID-19 pandemic, the US Consumer Financial Protection Bureau (“CFPB”) announced in July 2020 that it would shift its supervisory priorities and begin performing Prioritized 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”), which is explained further in this Legal Update. Supervised entities in the areas discussed should evaluate the Report findings, as these may become future supervisory and enforcement priorities.

Read more in Mayer Brown’s Legal Update.