Are you still holding out hope that the mortgage reform rules set to go into effect in January 2014 will be delayed? If Consumer Financial Protection Bureau (CFPB) Director Richard Cordray gets his way, there won’t be any delay. That’s not to say; however, there has been no opposition.
Last week 118 members of the House signed and delivered a letter addressed to Director Cordray urging him to delay the January 2014 requirements until January 2015. While that seems like progress, I personally wouldn’t get too excited, just yet. While it’s a strong message, 118 signatures is still only about ¼ of the House.
We’ll see if anything comes of it. But, if I were you, I’d keep preparing for a January 2014 implementation. Stay tuned!
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!