Desiree Brougher, Esq.

Last Updated: June 18, 2015 | View all posts by Desiree Brougher, Esq.

Director Rich Cordray

Director Rich Cordray

UPDATE: The Consumer Financial Protection Bureau (CFPB) has delayed the rule’s effective date to Oct. 3, 2015. This delay was proposed in June and finalized July 21.

On Wednesday, the Consumer Financial Protection Bureau (CFPB) proposed a delay until Oct. 1 for implementing the new Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act Integrated Disclosure (RESPA). The regulations had originally been scheduled to take effect on Aug. 1. The proposal must still undergo a public comment period before it is official.

CFPB Director Richard Cordray issued the following statement: “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.”

As we have been reporting for some time, any transaction involving a federally-related mortgage will be subject to new restrictions and will use new CFPB disclosure forms. Information about these changes can be found on