The Consumer Financial Protection Bureau (CFPB) is extending the effective date of several mortgage disclosures required by the Dodd-Frank Act that have to be included in the new TILA-RESPA forms. These new forms are expected to be finalized by early spring. The CFPB announced the delay on November 16.
Without this delay, these provisions were set to take effect January 21, 2013. It would have required lenders to change their disclosure forms twice.
“This is good news as it demonstrates the CFPB will respond affirmatively to the legitimate concerns of credit unions,” says John Thomas, vice president Compliance & Advocacy of the Missouri Credit Union Association (MCUA).
Other CFPB rules, including mortgage servicing and ability to repay rules, are not delayed and expected to take effect by January 21, 2013. To see the CFPB notice, click here.