Editor: David Reiss
Brooklyn Law School

October 6, 2015

Tuesday’s Regulatory & Legislative Round-Up

By Serenna McCloud

  • The Consumer Financial Protection Bureau’s (CFPB) new Know Before you Owe mortgage disclosure rule went into effect this week.  The new rule was implemented as a reform under Dodd-Frank.  Borrowers now have to be allowed three days to consider a mortgage loan, under certain circumstances, and Lenders are required to make a number of disclosures via forms mandated under the Truth in Lending Act. The CFPB has released this video to explain the new rule.
  • The U.S. Department of Housing and Urban Development (HUD) continues its recent flurry of grant making activity by awarding $138 Million to over 100 groups to fight housing discrimination. The grants were made under the auspices of the Fair Housing Initiatives Program (FHIP).  The awardees will use the funds to support education, outreach, investigations and capacity building.
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