MBA Applauds CFPB’s Efforts to Provide Flexibility to Financial Institutions
WASHINGTON, D.C. (March 26, 2020) - MBA President and CEO Bob Broeksmit, CMB, released the following statement regarding the Consumer Financial Protection Bureau's (CFPB) announcement to offer flexibility to financial companies as they continue to work with their customers in need during the coronavirus (COVID-19) pandemic:
"MBA appreciates Director Kathy Kraninger and the Bureau's efforts to work with industry to ensure all our resources can be used to help consumers during this unprecedented time. We appreciate the suspension of quarterly HMDA reporting, working to limit examination burdens, and the commitment to consider these unique circumstances in subsequent supervision. These measures will help our members continue to direct their focus to serving their customers' needs during this pandemic.
"MBA looks forward to continuing to work with the Bureau and others in determining additional solutions that will benefit consumers in these times."