The American Bankers Association and seven financial sector associations today requested that the Consumer Financial Protection Bureau extend by at least 30 days the comment period for its proposed rule to amend Regulation X’s mortgage servicing provisions.
The proposed rule would result in a major overhaul of the existing default servicing framework. Public comments on the proposal are currently due Sept. 9. In their letter, the associations said that while updates to the CFPB’s servicing regulations are needed, the 60-day comment period does not provide enough time to sufficiently address potentially complex issues. They asked for at least another 30 days.
“With the goal of developing thoughtful comments on each issue in the rulemaking that will help the bureau achieve its stated objectives and given the extensive set of policy changes that servicing stakeholders are now confronting, stakeholders need more time than has been allotted,” the associations said. “We are aware that the CFPB is not constrained from granting such an extension by any statutory deadline or other federal mandate that requires a 60-day comment period.”
