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NAFCU responds to CFPB report on sample bankruptcy statements
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Banking, Consumer Protection, Dodd-Frank Basics, Legislation, Nonbank Financial
Tuesday, June 7, 2016
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On April 26, the Consumer Financial Protection Bureau released a report detailing the testing results for its proposed bankruptcy periodic statement forms for mortgage servicing. Section 1420 of the Dodd-Frank Act amended the Truth in Lending Act to require creditors, assignees or servicers of any residential mortgage loan to provide a periodic statement to the borrower for each billing cycle. Read on to learn more about the National Association of Federal Credit Unions’ feedback on the bureau’s proposed statements.
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