In an Open Notice to the public, the Consumer Financial Protection Bureau
(“CFPB”) announced that the comment period for amendments
made to RESPA and TILA, which originally closed on March 16, 2015, has
been reopened for a particular portion of proposed rules on certain mortgage
The CFPB, who solicited comments for the proposed changes being made under
RESPA and TILA, issued the original proposed changes on December 15, 2014.
The proposed rule addressed the issue of servicers providing amended,
periodic statements to consumers who have filed for bankruptcy protection
under TILA. The rule also included suggested sample forms to be used by
mortgage servicers. The notice stated that the CFPB planned to perform
consumer testing of the newly introduced sample forms and that it would
then publish the findings of the testing and request comment on the results.
The final step would include a summarized report and results of the testing
before sample forms were finalized by the CFPB.
Following the original closing date of March 16, 2015, the CFPB proceeded
with consumer testing of sample periodic statement forms for those consumers
The CFPB has now reopened the comment period until May 26, 2016, with the
objective to collect comments on the report that summarizes consumer testing
of the sample periodic statement forms for those mortgage holders in bankruptcy.