CFPB Offers Assurance on New Closing Rules

The Consumer Financial Protection Bureau (CFPB) has reiterated that its early steps to enforce the new closing rules that went into effect on Oct 3 would be corrective, not punitive. In a letter to the American Bankers Association on which NAR was copied, CFPB director Richard Cordray said the agency would initially focus on an institution’s “overall efforts to come into compliance” with the rules. NAR issued a statement applauding Cordray’s commitment to a safe-harbor period for entities that act in good faith during the early stages of the rules’ implementation. Learn more about Cordray’s recent appearance at NAR’s Washington offices in the latest The Voice for Real Estate news video.

Tags: American Bankers Association, CFPB, Federal Financial Institutions Examination Council, FFIEC, Know Before You Owe, Richard Cordray, TILA-RESPA, TRID