CFPB Director Richard Cordray issued the following statement:
“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.”
This news provides much relief for everyone in the mortgage lending industry who were diligently trying to comply with the August 1 deadline.
We will continue developing software, policies and procedures in order to assist credit unions with the upcoming changes.
If you have any questions, please call Morton, Michael or Karen.