Bank/Thrift Supervision   |    Capital    |    CFPB    |    Deposit Insurance    |    Interchange    |    Mortgage Finance
Municipal Advisors   |    OCC-OTS Merger   |    Preemption    |    QM - QRM    |    Swaps   |    Volcker Rule    |    Full Topics List
Qualified Mortgage - Qualified Residential Mortgage
Consumer Financial Protection Bureau - CFPB
Bank/Thrift Holding Company Supervision
Deposit Insurance
Mortgage Finance
Municipal Advisors
OCC-OTS Merger
Volcker Rule
Corporate Governance
Financial Stability Oversight Council (FSOC)
Office of Financial Research (OFR)
Systemic Risk
Supervision and Oversight
Payment, Clearing and Settlement
Prudential Supervision
Trust & Securities
Asset-Backed Securities
Resolution Authority

Monday, February 10, 2014

ABA, Groups Urge Delay on ‘Know Before You Owe’

ABA and two other trade groups urged the CFPB to delay the next phase of “Know Before You Owe,” the bureau’s effort to overhaul mortgage disclosures. The next phase includes a request for information from banks on the closing process. The groups said:

“We believe such deferral should last until after the RESPA-TILA integrated disclosure rule is implemented and its effects on the process can be fully appreciated. We believe it makes more sense to wait until after the new rule is fully implemented before delving further into the closing process. The rule introduces a completely new disclosure regime accompanied by extensive rules, which include limits on closing cost increases, key changes to disclosure responsibilities and a new 3 day waiting period between closing disclosures and closing.”

The groups added that banks have had less than 10 weeks since the 1,800-page RESPA-TILA rule was issued, during which time the CFPB’s suite of mortgage rules -- including Ability-to-Repay/Qualified Mortgage -- took effect. The month-long comment period for the RFI was thus insufficient, the groups said, adding that “we believe rethinking the next stage of Know Before You Owe in light of the RESPA-TILA rule is essential to ensure a meaningful effort.”

Read the letter.


Gilvert Allein said...

We all assure well-timed present. When you place a great acquire with the site and also represent your overall deadline, persons won’t have got perhaps to take into consideration your papers. Press check out underneath. best dissertation writers will surely help people the whole lot to obtain high quality composing answers on the inside together with day time shipping and delivery.

mathscoursesydney said...

I simply want to tell you that I am new to weblog and definitely liked this blog site. Very likely I’m going to bookmark your blog . True Healing Self Healing

shahbaz said...

This information gives many information with which you can prize the certainty. I really take pleasure in your effort. continue within near 2017 summer games packages

saame mark said...

Kite Projects provides the best and cheap Bespoke Stainless Steel Handrails and Stainless Steel Ladders Provider in Uk. Call us now 01962 886290 to get information TRAIN WALKWAY

Post a Comment

Please read our comment policy before making a comment.