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#2021082 - 06/17/15 09:30 PM
Effective Date Delayed
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100 Club
Joined: Feb 2011
Posts: 144
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http://www.consumerfinance.gov/newsroom/...isclosure-rule/JUN 17 2015 Statement by CFPB Director Richard Cordray on Know Before You Owe Mortgage Disclosure Rule WASHINGTON, D.C. — Today, 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 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 an opportunity to comment on this proposal and a final decision is expected shortly thereafter.
Last edited by dowens; 06/17/15 09:31 PM.
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#2021083 - 06/17/15 09:43 PM
Re: Effective Date Delayed
trying_to_comply
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Diamond Poster
Joined: Nov 2004
Posts: 2,310
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We'll have to see when the proposal comes out and how long the comment period will be. We'll then have to see how quickly they come out with a final rule.
Last edited by Reads Regs; 06/17/15 09:45 PM.
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#2021087 - 06/17/15 10:00 PM
Re: Effective Date Delayed
trying_to_comply
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Power Poster
Joined: Oct 2000
Posts: 5,992
Soaring over Georgia
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I encourage EVERYONE to submit a comment requesting the effective date be dalyed until at least January 1.
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#2021089 - 06/17/15 10:04 PM
Re: Effective Date Delayed
RVFlyboy
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100 Club
Joined: Feb 2011
Posts: 144
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I encourage EVERYONE to submit a comment requesting the effective date be dalyed until at least January 1 2020. Fixed.
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#2021090 - 06/17/15 10:19 PM
Re: Effective Date Delayed
trying_to_comply
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Power Poster
Joined: Aug 2006
Posts: 4,266
Chillin an grillin
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Why are they even wasting time with a proposal? Who in their right mind is going to comment in favor of the August 1st date?
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#2021093 - 06/17/15 10:56 PM
Re: Effective Date Delayed
bOaty
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Power Poster
Joined: May 2002
Posts: 6,259
NW IL
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I foresee a comment period ending July 31. (This is simply conjecture, I know of no actual comment period dates )
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#2021095 - 06/17/15 11:29 PM
Re: Effective Date Delayed
trying_to_comply
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Power Poster
Joined: Nov 2003
Posts: 3,738
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I thought the announcement was a joke. Is this for real?
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#2021109 - 06/18/15 12:29 PM
Re: Effective Date Delayed
trying_to_comply
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10K Club
Joined: Oct 2006
Posts: 14,390
Cheeseheadland
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I wonder who finally got through to them? Regardless, thank goodness!
<--- still no LOS updates for testing.
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#2021116 - 06/18/15 01:03 PM
Re: Effective Date Delayed
trying_to_comply
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100 Club
Joined: Jul 2007
Posts: 129
Tulsa, Oklahoma
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Is there any likelihood that they will let us begin using the new forms Aug 1 anyways... just to get used to the process? I'm guessing no, but keeping my fingers crossed. I was ready to check this project off of my list. :-)
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#2021123 - 06/18/15 01:19 PM
Re: Effective Date Delayed
trying_to_comply
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Platinum Poster
Joined: Aug 2005
Posts: 914
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Is this incompetence or what?
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#2021125 - 06/18/15 01:19 PM
Re: Effective Date Delayed
trying_to_comply
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Diamond Poster
Joined: May 2013
Posts: 1,076
Compliance Land
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Any idea what this "administrative error" was? Smoke and mirrors?
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#2021126 - 06/18/15 01:19 PM
Re: Effective Date Delayed
RR Joker
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100 Club
Joined: Feb 2011
Posts: 144
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yeah, my OCDness will likely have a problem dealing with this delay when my entire being is focused on 8-1-15 right now. I honestly thought I'd lose it the last time we went through final, final proposal to the final, final stuff last time. My solution to this? Today is April 18th!
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#2021130 - 06/18/15 01:24 PM
Re: Effective Date Delayed
trying_to_comply
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10K Club
Joined: Oct 2000
Posts: 40,086
Cape Cod
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I wonder whether the proposal to delay will unveil the administrative glitch the Bureau made. As for the two-month delay, while I agree that it will give the industry and systems providers some breathing room, the suggestion that it will help families who are caught up in the "back to school" season is just plain bizarre.
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John S. Burnett BankersOnline.com Fighting for Compliance since 1976 Bankers' Threads User #8
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#2021132 - 06/18/15 01:25 PM
Re: Effective Date Delayed
trying_to_comply
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100 Club
Joined: Feb 2014
Posts: 150
Land of Pine Trees and Lobster...
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Full Disclosure: I need to vent.
Now? They are now, a mere 43 days from 8/1, considering a delay? What is wrong with these bureaucrats?? They've been ignoring our pleas and comments for months and now, 43 days from DDay they decide to consider a delay. It's official; no doubt in my mind they are all idiots and truly do not understand the industry they have been tasked with regulating. I'm grateful for the extra time, don't misunderstand me. It's just they could have been a bit more 'engaged' with the process and realized that what everyone has been asking/pleading for should have come sooner than 43 days prior. Thank you. Rant over.
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#2021134 - 06/18/15 01:26 PM
Re: Effective Date Delayed
Red Raiders
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10K Club
Joined: Oct 2006
Posts: 14,390
Cheeseheadland
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Any idea what this "administrative error" was? Smoke and mirrors? Who cares! If this is what they need to feel all warm and fuzzy from backing down a bit, let 'em have it. Just look at it like they are a big exec at your bank who spouts off on about something on and on about something they have no clue about, and they just realized how stupid they sound and look... let them back away quietly and gracefully and take the gimme!
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I don't repeat gossip, so listen closely...
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