Yesterday, the Consumer Financial Protection Bureau (CFPB) Director, Richard Cordray, issued the following statement in regards to the new TILA/RESPA Integrated Disclosures, originally set to become effective as of August 1st, 2015:
“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 public will have the opportunity to comment on the proposed delay and a final decision will be made shortly thereafter.