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Cordray: No Budging on Mortgage Rules Effective Date

Posted on 6/20/2013

In a speech yesterday defending his agency's regulatory process and track record, CFPB Director Richard Cordray said that the mortgage rules scheduled to take effect next January will not be delayed -- despite a forthcoming "second round of proposed changes" and other "adjustments at the margins."

"We do not believe that this process should slow down the implementation process at any lender or servicer," he said. "We fully expect all institutions to be in compliance by next January."

Cordray said that the CFPB has "a large team" working on the implementation of the mortgage rules. "We pledge to work with the industry to resolve ambiguities, to discuss obstacles to implementation and to work through any serious, unintended consequences," he added.

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