Breadcrumb page navigation

Dodd Frank Consumer Protection Act

The Dodd-Frank Wall Street Reform and Consumer Protection Act

The Dodd-Frank Act implements changes that, among other things, affect the oversight and supervision of financial institutions to promote the financial stability of the United States by improving accountability and transparency in the financial system, to end ‘‘too big to fail,’’ and to protect the American taxpayer by ending bailouts.

For more information about the Dodd-Frank Act, here are some useful links:

A model form for mortgage statements

Requesting information from your mortgage servicer (PDF)

Requesting your servicer correct errors (PDF)


The Consumer Financial Protection Bureau

The Consumer Financial Protection Bureau is an independent federal agency that holds primary responsibility for regulating consumer protection with regard to financial products and services in the United States. The CFPB was created in 2011 as part of the Dodd–Frank Wall Street Reform and Consumer Protection Act. 

For more information about the Consumer Financial Protection Bureau, here are some useful links:

www.consumerfinance.gov

www.consumerfinance.gov/mortgagehelp

In accordance with the Dodd Frank Consumer Protection Act, the following enhancements have been made to periodic loan billing statements for any closed-end consumer credit transaction secured by a dwelling (unless an exception applies). 

Periodic Statement 
Grouping and Presentation
Requirements 

Information RequiredStatement Presentation Requirements
Amount DuePayment due date, amount of payment if payment is late and amount due.Grouped together in close proximity and located at the top of the first page.
Explanation of Amount DueMonthly payment amount and breakdown of how that will be applied to principle, interest and escrow.  Total fees imposed and past amount due.Grouped together in close proximity and located on the first page.
Delinquency InformationOnly if the consumer is 45 days or more delinquent.Can be on the first page, a separate page, or in a separate letter.
Past Payment BreakdownTotal of all payments since the last statement and application to principal, interest, escrow, fees and suspense account and total of all payments since the beginning of the year and application to principal, interest, escrow and fees as well as total amount in the suspense account.Grouped together in close proximity and located on the first page.
Transaction Activity List of all the transaction activity since the last statement.All activity must be listed together, but the list can be located anywhere on the statement.
Partial Payment InformationOnly if funds are held in a suspense account, information on what must be done for the funds to be applied. Can be on the first page, a separate page, or in a separate letter. 
Contact InformationA toll-free number and e-mail address (if applicable where consumers may obtain information about their account).Must be on the first page.
Account InformationOutstanding principal balance, current interest rate, date when that interest rate may change existence of any prepayment penalty and housing counselor information.Can be anywhere on the statement; these items do not need to be grouped together.