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.

Before this interim final rule, mortgage services had raised concerns that written early intervention notices to borrowers who invoked their “cease communication” rights under FDCPA would need to be delivered on the 180th day only – regardless of whether it fell on a Saturday, Sunday or public holiday – to effectively comply with the requirements under the Real Estate Settlement Procedures Act and FDCPA.

“Additionally, NAFCU agrees that this may allow borrowers a better opportunity to seek loss mitigation options with their credit union,” Kossachev wrote. “NAFCU urges the CFPB to continue to look for potential amendments to the Mortgage Servicing Rules that benefit both servicers and borrowers and create a better mortgage market overall.”

NAFCU also requested in the letter that the CFPB update existing guidance or issue a bulletin stating this new timing provision for early intervention notices. “Credit unions deserve to know about additional flexibility in the Mortgage Servicing Rules so that they may better serve their members,” Kossachev added.

For full text of the letter, please click here.


The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to or @NAFCU on Twitter.


Falen Taylor
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Jacqueline Ramsay

Bobby Grant
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Media Relations & Communications
National Association of Federally-Insured Credit Unions
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