Stevens Statement on Updates to "Know Before You Owe" Rule

CONTACT
Rob Van Raaphorst
rvanraaphorst@mba.org
(202) 557- 2799

WASHINGTON, D.C. (July 29, 2016) - Statement from MBA President & CEO David H. Stevens on the Consumer Protection Financial Bureau's (CFPB) proposed updates to the TILA-RESPA Integrated Disclosure "Know Before You Owe" rule:

"MBA appreciates the CFPB's efforts to update and clarify certain aspects of the "Know Before You Owe" rule. This particular regulation has a big impact on both borrowers and lenders, so it's important that the Bureau and stakeholders continually reassess the implementation process to ensure its effectiveness. We look forward to commenting on the rule, and continuing to work with the CFPB to gain further clarity in order to improve this and other rules and regulations."