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The CFPB announced Wednesday that it will issue a proposed amendment to delay the effective date of the Truth in Lending Act and Real Estate Settlement Procedures Act to Oct. 1, 2015 – which would give credit unions and other mortgage lenders two more months to comply with the rules than originally anticipated.

“The CFPB will be issuing a proposed amendment to delay the effective date of the Know Before You Owe rule until October 1, 2015,” CFPB Director Richard Cordray said in a prepared statement. “We made this decision to correct an administrative error that we just discovered in meeting the requirements under federal law, which would have delayed the effective date of the rule by two weeks.”

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Natasha Chilingerian

Natasha has served as an editor for CU Times since March 2015. She also served as a communications specialist for Xceed Financial Credit Union (now Kinecta FCU) in Los Angeles from 2013-2015, and as a CU Times freelancer from 2011-2013. She has been a professional writer for more than 16 years, specializing in news and lifestyle journalism as well as marketing copywriting for companies in the finance and technology space.

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