The Bureau stated it will instead keep its enforcement and supervision resources focused on pressing threats to consumers, particularly servicemen and veterans.
The agency cited the interest of focusing resources on supporting hard-working American taxpayers, servicemen, veterans, and small businesses.
The CFPB noted that even absent resource constraints, it would deprioritize enforcement of this rule because of the unfairness of enforcing it against entities not protected by the court’s stay but similarly situated to parties that are protected by the stay.
The regulation implements Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, as detailed in 88 Fed. Reg. 35,150 (May 31, 2023).
The Bureau looks forward to resolving the status of this regulation and ensuring fair, consistent treatment for all entities impacted by the regulation.