The CFPB announced Wednesday that it will issue a proposedamendment to delay the effective date of the Truthin Lending Act and Real Estate Settlement Procedures Act toOct. 1, 2015 – which would give credit unions and other mortgagelenders two more months to comply with the rules than originallyanticipated.
“The CFPB will be issuing a proposed amendment to delay theeffective 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 wejust discovered in meeting the requirements under federal law,which would have delayed the effective date of the rule by twoweeks.”
Cordray added, “We further believe that the additional timeincluded in the proposed effective date would better accommodatethe interests of the many consumers and providers whose familieswill be busy with the transition to the new school year at thattime.”
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