Earlier this month, the CFPB issued a final rule that amends certain parts of the 2016 mortgage servicing rules relating to periodic statements. This rule revised the timing requirements for services that are transitioning between modified or unmodified periodic statements and coupon books when a consumer enters or exits bankruptcy.
In addition to these rules, the CFPB issued a number of frequently asked questions (FAQs) to better explain these rules. The CFPB explains that the FAQs are not a substitute for Regulation X, Regulation Z, or their commentary.
The FAQs cover a number of topics including:
- Bankruptcy Periodic Statements
- Bankruptcy Coupon Books
- Bankruptcy Reaffirmation
- Bankruptcy Successors in Interest
- Bankruptcy Provisions Effective Date
The full rule can be found here. The FAQs can be found here.
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