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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Natasha Chilingerian
Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.
