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CFPB Issues Final Rule To Help Mortgage Servicers Communicate With Certain Borrowers Facing Bankruptcy

The Consumer Financial Protection Bureau (Bureau) today issued a final rule to help mortgage servicers communicate with certain borrowers facing bankruptcy. The final rule gives mortgage servicers more latitude in providing periodic statements to consumers entering or exiting bankruptcy, as required by the Bureau’s 2016 mortgage servicing rule.


Agencies Issue Final Rule on Method to Adjust Thresholds for Exempting Certain Consumer Credit and Lease Transactions and Announce 2017 Thresholds

The Federal Reserve Board and the Consumer Financial Protection Bureau (CFPB) today issued a final rule detailing the method that will be used to adjust the thresholds for exempting certain consumer credit and lease transactions from the Truth in Lending Act and Consumer Leasing Act.


Prepared Remarks of CFPB Director Richard Cordray at the Mortgage Bankers Association

Thank you for having me today. Over the past five years, the Consumer Financial Protection Bureau and the Mortgage Bankers Association have each been working in our own ways to revive a mortgage industry that was devastated by the financial crisis. During the run-up to the crisis, we saw established traditions of responsible lending pushed aside by predatory actors whose misconduct hurt millions of Americans. It led to disruptions in the mortgage markets, transmitted through securitization channels to the broader financial system, which triggered its collapse.


We’ve updated our mortgage servicing rules to provide greater protections for mortgage borrowers and other homeowners

Today we finalized new changes to our mortgage servicing rules. These updates ensure that mortgage servicers treat homeowners and struggling borrowers fairly.  They also provide servicers with greater clarity about how to comply with the rules.