CFPB outlines responsibilities of financial firms during COVID-19 pandemic

This story appeared in Bank Digest.

The Consumer Financial Protection Bureau has released a statement and frequently asked questions outlining the responsibility of certain financial firms during the COVID-19 pandemic. In the statement, the Bureau outlines the billing error responsibilities of credit card issuers and other open-end, non-home secured creditors during the COVID-19 pandemic.

The Bureau released two FAQ documents. The first document reminds checking, savings, or prepaid account providers that they can offer consumers immediate relief by changing account terms without advance notice where the change in terms is clearly favorable to the consumer. The second document focuses on existing regulatory flexibilities for open-end credit (that is not home-secured) that may be useful for assisting customers.