financial institutions

CFPB Director Rohit Chopra recently gave opening remarks at the joint meeting of the Community Bank and Credit Union Advisory Councils.  In them, he expressed a desire to re-direct the CFPB’s attention to the needs of financial institutions used by local businesses and to make relationship banking a key priority for the CFPB.

Director Chopra

On August 3, 2020, the Federal Financial Institutions Examination Council (“FFIEC”) issued a joint statement to provide prudent risk management and consumer protection principles for financial institutions to consider when working with borrowers as consumer and business loans near the end of initial loan accommodation periods during the coronavirus pandemic. The guidance notes that the