CFPB Releases Assessment Plan for Servicing Rule Review

The Consumer Financial Protection Bureau has released a plan to assess the effectiveness of its 2013 final rule governing mortgage servicing. The retrospective review — which also encompasses amendments made to the servicing rule before it took effect in January 2014 — is required by the Dodd-Frank Act and expected to be completed by 2019. Comments on the plan will be accepted for 60 days after publication in the Federal Register.

The bureau’s assessment plan incorporates servicers’ activities to comply, consumer uses of rights granted in the rule and consumer outcomes that the rule sought to affect, such as fees assessed and paid, and delinquencies. For more information, contact ABA’s Krista Shonk.