Industry Requests Temporary Fix On Counseling Disclosure Mandate
July 15, 2013
Five industry trade groups jointly wrote the CFPB asking for a short-term fix and offering ideas to help the industry in effectively implementing the new requirements for disclosure of homeownership counseling information to consumers at the time of loan application, which was one element of the bureaus final rule on high-cost mortgage loans issued in January. We urge the CFPB to adopt a temporary compliance measure that will be possible to implement by the January 2014 compliance deadline, pending steps necessary...