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Thursday, June 20, 2013

Cordray: No Budging on Mortgage Rules Effective Date

In a speech yesterday defending his agency’s regulatory process and track record, CFPB Director Richard Cordray said that the mortgage rules scheduled to take effect next January will not be delayed—despite a forthcoming “second round of proposed changes” and other “adjustments at the margins.”

Cordray said that the CFPB has “a large team” working on the implementation of the mortgage rules. “We pledge to work with the industry to resolve ambiguities, to discuss obstacles to implementation and to work through any serious, unintended consequences,” he added.

ABA and its member banks have on numerous occasions outlined their concerns about certain elements of the mortgage rules, and have often requested extensions of the compliance deadlines due to operational concerns that may affect access to credit.

Read the speech.
View ABA resources on the CFPB mortgage rules.

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