CFPB Updates “Know Before You Owe” Disclosure Rule
On July 7th, the Consumer Financial Protection Bureau (CFPB) issued a final rule impacting the “Know Before You Owe” mortgage disclosure rule. The final rule, which is effective 60 days after it is published in the federal register, includes both technical and substantive changes. Among the substantive changes are updates to the tolerance provisions for the total of payments, extended rule coverage to all cooperative units, and clarification on how a creditor can provide separate disclosure forms to the consumer and the seller.
CLA’s financial institution regulatory compliance team assists banks and credit unions nationwide in establishing regulatory compliance programs, conducting compliance testing, and training staff on regulations. Justin Robinson is a member of CLA’s regulatory compliance team and can be reached at justin.robinson@CLAconnect.com.
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