Consumer Protection & Privacy

CFPB Delays by Two Months the Effective Date of the “Know Before You Owe” Mortgage Disclosure Rule

 by S. Mohsin Reza and Jason Manning

The Consumer Financial Protection Bureau issued a final rule that delays the effective date of the Know Before You Owe mortgage disclosure rule to October 3, 2015. This news follows on the announcement by the CFPB on June 24 of its proposed amendment to the rule, also known as the TILA-RESPA Integrated Disclosure rule (“TRID”), which was aimed at delaying the effective date TRID. The CFPB stated that “moving the effective date may benefit both industry and consumers with a smoother transition to the new rule. 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.” TRID and the TILA-RESPA Amendments were previously scheduled to take effect on August 1, 2015.

 Read more at Consumer Financial Services Law Monitor by Troutman Sanders LLP.

Troutman Sanders LLP is an international law firm with more than 600 lawyers in 16 offices located throughout North America and Asia. Founded in 1897, the firm’s lawyers provide counsel and advice in practically every aspect of civil and commercial law related to the firm’s core practice areas: Corporate, Energy and Industry Regulation, Finance, Litigation and Real Estate. Firm clients range from multinational corporations to individual entrepreneurs, federal and state agencies to foreign governments, and non-profit organizations to businesses representing virtually every sector and industry. See troutmansanders.com for more information.

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