Richard Cordray, Director of the Consumer Financial Protection Bureau (CFPB), recently announced that the CFPB will issue amendments to the “Know Before You Owe” Rule. Mr. Cordray anticipates that the proposed amendments will be released for public comment in late July, 2016.
This announcement is encouraging for Credit Unions and for the entire mortgage industry because it is an acknowledgement that parts of the “Know Before You Owe” Rule are ambiguous and that “adjustments would be useful for greater certainty and clarity.”
You may read Director Cordray’s full letter here:
The Notice and Comment period for the proposed Rule amendments is scheduled to begin in late July, 2016 and our firm will participate to provide feedback to the CFPB. If your Credit Union has particular concerns or questions about any parts of the Rule, please pass those on to us and we will reflect them in our communications with the CFPB.
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