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Removing Barriers Blog

CUNA Comments to CFPB on RESPA/FDCPA Compliance
Posted November 15, 2017 by CUNA Advocacy

CUNA responded to the CFPB’s interim final rule clarifying that mortgage servicing compliance with the Real Estate Settlement Procedures Act (RESPA) for a borrower who has invoked cease communication rights under the Fair Debt Collection Practices Act (FDCPA) is satisfied when notice has been provided within 10 days following the 180th day after initial written notice.

Although credit unions are, in theory, exempt from FDCPA compliance, many states have similar debt collection regulations, and CFPB has expressly provided mortgage servicers are subject to FDCPA with respect to a mortgage loan that is in default at the time acquired.  An exemption for small servicers remains intact.