CFPB Provides Flexibility During COVID-19 Pandemic

Codes and Standards
Published

The Consumer Financial Protection Bureau (CFPB) today announced that it is providing needed flexibility to enable financial companies to work with customers in need as they respond to the COVID-19 pandemic. The agency is postponing some data collections from the industry on CFPB-related rules to allow companies to focus on responding to consumers in need and making changes to its supervisory activities to account for operational challenges at regulated entities.

The CFPB will not expect quarterly information reporting by certain mortgage lenders as required under the Home Mortgage Disclosure Act (HMDA) and Regulation C. During this time, entities should continue collecting and recording HMDA data in anticipation of making annual submissions. CFPB will provide information on when and how institutions will be expected to commence what would have been new quarterly HMDA data submissions.

The agency also said it will not expect the reporting of certain information related to credit card and prepaid accounts under the Truth in Lending Act, Regulation Z, and Regulation E. This includes the annual submissions concerning agreements between credit card issuers and institutions of higher education; quarterly submission of consumer credit card agreements; collection of certain credit card price and availability information; and submission of prepaid account agreements and related information.

Subscribe to NAHBNow

Log in or create account to subscribe to notifications of new posts.

Log in to subscribe

Latest from NAHBNow

Labor

Sep 04, 2025

Open Construction Jobs Rise in July

Running counter to the national trend, the number of open construction sector jobs increased from a revised 242,000 level in June to 306,000 in July.

Sponsored Content

Sep 03, 2025

Project Funding Crisis: How Top Builders Secure Money When Others Can't

Relying solely on a traditional lender is risky in today’s environment. Smart builders line up more than one source of funding. That way, projects stay on track, crews keep working, and reputations stay solid.

View all

Latest Economic News

Economics

Sep 04, 2025

Lots Still in Relatively Short Supply

Although shortages are not quite as widespread as they were in 2021, obtaining lots remains a challenge for many builders, according to recent results from the NAHB/Wells Fargo Housing Market Index (HMI) survey.

Economics

Sep 04, 2025

HVAC in New Construction in 2024

Almost all of new single-family homes started in 2024 used either an air/ground source heat pump or a forced air system for the primary heating equipment (97%), according to the Census’s Survey of Construction. Additionally, 20% percent of homes also used a secondary type of heating equipment.

Economics

Sep 03, 2025

Open Construction Jobs Rise in July

The count of open, unfilled positions in the construction industry increased in July, per the June Bureau of Labor Statistics Job Openings and Labor Turnover Survey (JOLTS) as the national labor market cooled.