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Comments on Mortgage Servicing, Literacy Plan Due in May
Wednesday, May 4, 2016 6:45 AM

Comments on changes to mortgage servicing rules, as well as a draft national financial literacy strategy, are due in May.

Literacy Plan

In 2011, the Financial Literacy and Education Commission released a national strategy titled “Promoting Financial Success in the United States: National Strategy for Financial Literacy.” Comments are due May 11.

The commission plans to update the strategy to reflect changes within the last five years, and the Treasury seeks comments on a draft update. This update will be created by adding new text and edits to the original 2011 National Strategy.

Mortgage Servicing Rules

The Consumer Financial Protection Bureau is seeking comments on amendments to its 2013 mortgage servicing rules. These fall under Regulation Z, which implements the Truth in Lending Act, and Regulation X, which implements the Real Estate Settlement Procedures Act. Comments are due May 26. 

In December 2014, the CFPB released a proposed rule that covered nine major topics, including successors in interest and other topics. CUNA submitted a comment letter in March 2015.

The bureau re-opened the comment period to seek comment specifically on the report summarizing consumer testing of sample periodic statement forms for consumers in bankruptcy.