The CFPB will be issuing a proposed amendment to delay the effective date of the Know Before You Owe rule until October 3, 2015
DEVELOPING STORY – – – (Jeff Sorg, OnlineEd) – Consumer Financial Protection Bureau (CFPB) Director Richard Cordray issued the following statement on the Know Before You Owe mortgage disclosure rule:
“The CFPB will be issuing a proposed amendment to delay the effective date of the Know Before You Owe rule until October 3, 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.”
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This article was published on June 17, 2015. All information contained in this posting is deemed correct and current as of this date, but is not guaranteed by the author and may have been obtained by third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.