Federal Register: CFPB Finalizes Changes to Mortgage Servicing Rule

The Consumer Financial Protection Bureau ("CFPB") adopted a final rule to amend mortgage servicing rules (Regulation Z) under the Truth in Lending Act. The final rule gives mortgage servicers more discretion in providing periodic statements to consumers entering or exiting bankruptcy. The rule changes include replacing the single billing-cycle exemption and simplifying the timing requirements in bankruptcy proceedings.

The final rule is scheduled to become effective on April 19, 2018.