If a proposed implementation date for integrated disclosures is finalized, mortgage firms and their service providers will have a couple more days than expected to make the conversion.
The Consumer Financial Protection Bureau said earlier this month that implementation of new disclosures required under the
the Truth in Lending Act and the Real Estate Settlement Procedures Act would be delayed.
The original date for implementation was Aug. 1. Under the CFPB’s proposed amendment, the date was pushed to Oct. 1.
The delay was done to address an “administrative error” and provide some relief for the mortgage industry.
But on Wednesday, the regulator said
it is proposing a new effective date of Oct. 3 — a Saturday.
“The bureau believes that moving the effective date may benefit both industry and consumers with a smoother transition to the new rules,”
the statement said. “The bureau further believes that scheduling the effective date on a Saturday may facilitate implementation by giving industry time over the weekend to launch new systems configurations and to test systems. A Saturday launch is also consistent with existing industry plans tied to the original effective date of Saturday, Aug. 1.”
The CFPB is accepting public comments (Docket No. CFPB-2015-0029 or RIN 3170-AA48) until July 7
online at www.regulations.gov, by email to [email protected] or by traditional mail sent to Monica Jackson, Office of the Executive Secretary, Consumer Financial Protection Bureau, 1700 G Street NW., Washington, DC, 20552.
