b'OverviewThe year 2021 started with the hope of COVID-19demonstrated ability to adapt to post-pandemic realities vaccines and a return to (relative) normalcy, onlymeant it was no longer prudent to maintain these to conclude with new variants that presentedflexibilities. Thus, going forward, the CFPB indicated new challenges and extended others longer thanits intent to return supervisory and enforcement efforts anticipated. Despite the persistence of the pandemic,to pre-pandemic levels, and stated that it would again in 2021 the consumer financial services regulatoryexercise its authority to the full extent provided under landscape began to return to pre-pandemic norms. the Dodd-Frank Wall Street Reform and Consumer Protection Act.Other key financial services regulators have indicated . going forward, the CFPB indicateda similar intent to return to pre-pandemic norms, its intent to return supervisory andparticularly with respect to mortgage servicing, as evidenced by the joint statement issued inenforcement efforts to pre-pandemic levels,November 2021 by the Board of Governors of the and stated that it would again exercise itsFederal Reserve (Federal Reserve), CFPB, Federal Deposit Insurance Corporation (FDIC), National Credit authority to the full extent provided underUnion Administration (NCUA), Office of the Comptroller the Dodd-Frank Wall Street Reform andof the Currency (OCC), and state and state financial regulators. In that joint statement, the agencies Consumer Protection Act. collectively revoked the temporary supervisory and enforcement flexibility they had previously provided to mortgage servicers, announced in their April 2020 Joint Statement, advising that that flexibility was no Most notably, throughout 2021 regulators rescindedlonger necessary because servicers have had sufficient flexibilities previously offered to companies in thetime to adjust their operations by . taking steps to work wake of the pandemic and indicated their intent towith consumers affected by the COVID-19 pandemic strictly supervise and enforce companies efforts toand developing more robust business continuity and apply COVID-19-related programs and initiatives. Forremote capabilities. Collectively, these and other its part, the Consumer Financial Protection Bureauregulator statements during the past year indicate that (CFPB or the Bureau) formally rescinded seven policywhile the pandemic may continue to pose challenges to statements issued in 2020 that had signaled substantialboth consumers and the industry, industry participants flexibility in legal compliance during the early weeksnow face a world with normal (and likely enhanced) and months of the pandemic. The CFPBs rescission ofsupervision and enforcement going forward.the former administrations policies effectively revivedThe past year also ushered in a change in the federal enforcement of regulations that had been relaxed oradministration, accompanied by increasingly clear suspended in an effort to allow industry participants leeway in assisting consumers through the pandemic.indications of the regulatory agenda of the Biden In announcing the CFPBs new approach, then-Actingadministration as presidential appointees assumed Director Dave Uejio emphasized industrys and thekey leadership roles throughout the federal regulatory bureaus need to focus on the pandemics impact toestablishment. Even as the CFPB waited for a consumers, noting that [p]roviding regulatory flexibilitypermanent director to be confirmed, Acting Director to companies should not come at the expense ofUejio began the work of dismantling what consumer consumers. While Acting Director Uejio acknowledgedgroups had characterized as former Director Kraningers that the pandemic also affected the industry, the CFPBindustry-friendly guidance. For example, in addition to expressed the view that the financial services sectorsrescinding guidance on pandemic-related flexibility, 4'