What a way to start off the Thanksgiving week! The CFPB is delaying the combined mortgage disclosure requirements under Truth in Lending and the Real Estate Settlement Procedures Act that would have been final on January 21, 2013.
“By seeking public comment and conducting consumer-testing for these disclosures together, we can avoid the duplication and inefficiency that existed in the past.”
“Without this extra time, industry would have to implement these new disclosures twice…”
Yikes! I’m sure glad they noticed.
You will have to contain your excitement a little bit; however, remember I said it’s just a delay and not a repeal. This will still happen, just not quite as soon as we thought.
Have a Happy Thanksgiving!
Jerod is the leader of Banker’s Compliance Consulting’s training productions. He is a nationally recognized speaker. Whether it’s a conference, seminar, school, webinar, or luncheon, it’s easy to stay engaged when he presents due to the amount of passion and energy he brings to each and every compliance topic. Jerod has spoken on behalf of the American Bankers’ Association, BankersOnline, many state banking associations, private compliance groups, and financial institutions. He is a Certified Regulatory Compliance Manager (CRCM) and BankersOnline Guru.
Jerod likes to spend his time (between reading regulations and producing compliance training!) relaxing at the lake with his wife and three children, following their activities or engaged in something sports related!