The Consumer Financial Protection Bureau (CFPB) issued a proposal to temporarily delay the effective date of one of the mortgage-related rules taking effect on June 1. The proposal seeks to delay the effective date of the prohibition on financing credit insurance premiums in connection with certain consumer credit transactions secured by a dwelling. Based on feedback from industry stakeholders, the CFPB is concerned that creditors will face uncertainty about whether and when credit insurance premiums may be charged periodically under the new rule. The Bureau intends to propose clarifications and seek industry comment regarding the rule and what the effective date should be.
Read the proposal: Proposal to Delay Effective Date of § 1026.36(i)