CFPB Announces Proposed Amendment to Delay Know Before You Owe Mortgage Disclosure Rule

The CFPB just announced its plans to issue a proposed amendment to delay the effective date of the Integrated Disclosure rule until October 1, 2015. Specifically, the statement provides:

“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.”


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