Mon, Jun 29, 2015
Washington, District Of Columbia
Consumer Financial Protection Bureau Director Richard Cordray issued a statement late on June 18 announcing that the Bureau will issue a proposed amendment to delay the effective date of the “Know Before You Owe” Rule until October 1, 2015. Cordray said that the agency made the decision to postpone the effective date "to correct an administrative error" that would have "delayed the effective date of the rule by two weeks." The statement also acknowledged that the additional two months' lead time for implementation would "better accommodate the interests of the many consumers and providers whose families will be busy with the transition to the new school year at that time."