The Consumer Financial Protection Bureau is giving banks and other lenders a break on reporting mortgage and credit card data as they respond to the new coronavirus pandemic.
The CFPB’s move to suspend some key data reporting is intended to help lenders focus on helping consumers who are seeking help modifying mortgages and other existing loans, CFPB Director Kathleen Kraninger said in a statement.
“Our actions today are temporary and targeted to support consumers by allowing financial companies to focus their resources on assisting consumers,” Kraninger said in a statement.
The CFPB said that banks, mortgage companies, and other lenders would not have to submit quarterly mortgage data required by the Home Mortgage Disclosure Act, which is used to analyze lending to minorities, women and other underserved groups.
Lenders are still expected to collect HMDA and other data, and will be given further reporting instructions at a later date, the CFPB said.
Reporting on credit and prepaid cards mandated by the Truth in Lending Act and other regulations is also suspended for the time being.
The bureau is also suspending a survey of banks and other lenders about potential compliance costs for a data collection rule on small business lending, which is currently under development, among other postponements.
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