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Tuesday, April 26, 2016

CFPB Seeks Feedback on Sample Periodic Statements during Bankruptcy

The CFPB has requested a new round of public comments on a specific aspect of its proposed provision requiring periodic statements from mortgage servicers for borrowers who have filed for bankruptcy. The CFPB is seeking feedback on the consumer testing it did on its proposed sample periodic statement forms, with comments due by May 26.

ABA has urged the CFPB not to adopt its proposal requiring servicers to send periodic statements in bankruptcy, which would require significant IT investments and the capability of communicating with bankruptcy trustees – and would also risk violations of the Bankruptcy Code’s automatic stay on actions by creditors.

Read the request for comment.

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