CFPB advises lenders to assist consumers in disaster areas

Mon, 09/11/2017 - 9:27am

Institutions supervised by the Consumer Financial Protection Bureau (CFPB) can assist consumers in disaster areas by:

  • Offering penalty-free forbearance or repayment periods with clearly disclosed terms;
  • Limiting or waiving fees and charges, including overdraft fees, ATM fees, or late fees;
  • Restructuring existing debt by, for example, extending repayment terms with clearly disclosed terms;
  • Refinancing existing debt or extending new credit with terms favorable to the consumer. Terms could, for example, reduce costs, limit payment amounts, or offer consumers other flexibility;
  • Easing documentation or credit-extension requirements;
  • Increasing capacity for customer service hotlines, particularly those that serve consumers in languages other than English; and/or
  • Increasing ATM daily cash withdrawal limits

Click here for more information on the CFPB’s Statement on Supervisory Practices Regarding Financial Institutions and Consumers Affected by Hurricanes Harvey and Irma.

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