CFPB delays effective date of Know Before You Owe Mortgage Disclosure Rule

This Wednesday, the Consumer Financial Protection Bureau (CFPB) issued a statement proposing to delay the effective date of TILA/RESPA Integrated Disclosure Rule until October 1, 2015. The CFPB Director, Richard Cordray had this to say about the delay:

“The CFPB will be issuing a proposed amendment to delay the effective date of the Know Before You Owe rule until October 1, 2015. 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. We further believe that the additional time included in the proposed effective date would better accommodate the interests of the many consumers and providers whose families will be busy with the transition to the new school year at that time.”

The proposed rule effective date was originally scheduled for August 1st of this year.

See the full press release here:  http://www.consumerfinance.gov/newsroom/statement-by-cfpb-director-richard-cordray-on-know-before-you-owe-mortgage-disclosure-rule/