Cordray Balks at Bill to Provide Hold Harmless Period for Integrated Disclosure Compliance

The CFPB Director has sent a letter to the House stating that the August 1 due date for the new integrated TILA/RESPA disclosures should not be overly burdensome as August is not a busy month for new mortgage applications, although he admitted that it is a busy month for mortgage closings. A recent House bill would provide lenders with a 5-month “hold harmless” bill from penalties and enforcement actions if the lender can demonstrate a good faith effort to comply with the new disclosure requirements. [5/8/15]