VIEWpoint Issue 1 | 2023
2023 Compliance Trends: Staying Ahead in an Evolving Regulatory E...
2023 Tax Calendar
On June 17, 2015, Richard Cordray, Director of the Consumer Financial Protection Bureau, announced the Bureau will be issuing a proposed amendment to delay the effective date of the Truth In Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA) Integrated Disclosures.
“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,” states Director Cordray.
Leading up to this announcement, there have been many pleas from the industry to delay the August 1, 2015 effective date due to the complexity of the forms and the impact on existing processes and procedures.
Stay tuned as the proposal will be open for comment shortly, and a final decision is expected quickly. For more information on the integrated mortgage lending disclosures and how to make sure your institution is ready for them, please contact Doeren Mayhew’s regulatory compliance specialists in Michigan, Houston and Ft. Lauderdale.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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