Thursday, June 18, 2015

CFPB Delays Effective Date for New Mortgage Disclosure Rules

The CFPB has announced that it will  be proposing to delay the effective date of its new mortgage disclosure rules until October 1, 2015.  For months, congressional and trade group leaders have been requesting a delay in the implementation to no avail.  In fact, two weeks ago, the CFPB steadfastly declined to move the date but provided some assurances that it would be "sensitive to the progress made by those entities that have squarely focused on making good-faith efforts to come into compliance with the Rule on time."

In its press release, the CFPB attributed the delay to a newly discovered administrative error and stated that they believe that the additional time "would better accommodate the interests of the many consumers and providers whose families will be busy with the transition to the new school year."

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