This story appeared in Bank Digest.
The National Credit Union Administration has issued a regulatory alert to federally insured credit unions regarding the Consumer Financial Protection Bureau's final rule amending certain mortgage servicing rules it issued in 2013 and the CFPB's interpretive rule that functions as an advisory opinion for purposes of the Fair Debt Collection Practices Act, providing safe harbors from FDCPA liability.
The final rule, issued on Aug. 4, 2016, amends provisions of Reg. X, which implements the Real Estate Settlement Procedures Act, and Reg. Z, which implements the Truth in Lending Act. It amends Reg. X provisions regarding force-placed insurance notices, mortgage servicing policies and procedures, early intervention, and loss mitigation requirements, and it amends Reg. Z regarding prompt crediting and periodic statement requirements.
The FDCPA interpretive rule clarifies the interaction of the FDCPA and certain mortgage servicing rules under RESPA and TILA, as well as Regs. X and Z.