NAFCU supports changes to CFPB’s mortgage servicing rules

WASHINGTON, DC (November 15, 2017) — National Association of Federally-Insured Credit Unions (NAFCU) Regulatory Affairs Counsel Ann Kossachev today wrote to the Consumer Financial Protection Bureau (CFPB) in support of amendments made to Regulation X to resolve the timing issue for providing modified written early intervention notices to borrowers who have invoked their “cease communication” rights under the Fair Debt Collection Practices Act (FDCPA). In the letter, Kossachev said NAFCU and its member credit unions support the change because it will provide more flexibility to servicers complying with the 180-day timing requirement for providing such notices.