The Consumer Financial Protection Bureau (CFPB) has announced that it will give the financial services industry extra time to provide certain new disclosures required under the Dodd-Frank Act in order to allow a more seamless integration with other mortgage disclosures that have been proposed by the bureau.
As per the CFPB announcement, the industry will not be required to provide those disclosures until after the bureau's previously proposed mortgage disclosure rules are finalized.
‘Considering these disclosures on the same timeline will ensure that consumers receive clear, concise and consistent information,’ says CFPB Director Richard Cordray. ‘By seeking public comment and conducting consumer testing for these disclosures together, we can avoid the duplication and inefficiency that existed in the past.’