The Consumer Financial Protection Bureau decided to again amend its proposal to extend the forthcoming TILA-RESPA Integrated Disclosure rule compliance deadline, this time pushing the effective date from Oct. 1 to Oct. 3.
“The bureau proposed Oct. 3 as the implementation date so that institutions could keep to the same day-of-week sequencing that they had planned for the Aug. 1 date,” said Sam Gilford, CFPB spokesperson. “Oct. 3 is a Saturday, as Aug. 1 is a Saturday.”
The idea, Gilford explained, is to allow organizations and individuals the weekend to “facilitate implementation” of new systems configurations and further test those systems.
CFPB first proposed the extension – originally from Aug. 1 to Oct. 1 – to account for an “administrative error,” which Gilford revealed was an unfiled rule report required by Congress and the U.S. Government Accountability Office.
The Bureau intends to keep the proposal open for public comment until July 7, at which point, Gilford said, CFPB will “consider all comments and work to finalize the proposal.”