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The day we've all been dreading has been pushed back a couple of months. The CFPB announced that implementation of the new discosures will not take effect until October 1, giving us all a few more months to worry about how many delays it'll cause for our business- yay!
The delay is supposedly an administrative hiccup, coupled with a weird explanation from CFPB director Richard Cordray about it not being a good idea to roll something like this out around back-to-school time. With that, I wholeheartedly agree. I also don't think it's a good idea to roll it out so close to Halloween though. Or Thanksgiving. Or Christmas. Certainly not the new year. They also shouldn't go breaking hearts around Valentines day...
Bottom line, this rule, and the new forms and regulations are something that should never go into place, but they will, because frankly, the CFPB has nothing better to do than fine lenders and make up new forms that consumers still either won't read or won't understand. I do think these new forms will be an improvement on the current "good faith estimate" which requires a doctoral degree and a 40+ hour course to completely understand and ... more
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