From the Archives: June 2013

Delay of Effective Date; Prohibition on Financing Credit Insurance Premiums 

After a brief comment period, the CFPB issued a final rule on May 31, delaying the June 1 effective date of a prohibition on creditors financing credit insurance premiums in connection with certain consumer credit transactions secured by a dwelling. The CFPB is delaying the effective date until Jan. 10, 2014, to permit the bureau time to clarify, before the provision takes effect, its applicability to transactions other than those in which a lump-sum premium is added to the loan amount at closing. The bureau will solicit comment on the appropriate effective date at the same time it seeks comment on clarifications. It is anticipated clarifications with a request for comment will be issued sometime in the month of June.

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