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.

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John Zasada is a principal with CLA and leads the firm’s financial institution regulatory compliance practice. He assists banks and credit unions nationwide in establishing regulatory compliance programs, conducting compliance testing, training staff on regulations, and performing website compliance assessments. In addition, John is a frequent speaker at industry conferences and state associations. Prior to joining CLA, he served as managing director at a top-10 accounting firm and as the compliance officer of a large financial institution, where he developed and implemented its first regulatory compliance program.

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