"The CFPB will be issuing a proposed amendment to delay the effective date of the Know Before You Owe rule until October 1, 2015. We made this decision to correct an administrative error that we just discovered in meeting the requirements under federal law, which would have delayed the effective date of the rule by two weeks. We further believe that the additional time included in the proposed effective date would better accommodate the interests of the many consumers and providers whose families will be busy with the transition to the new school year at that time." - CFPB Director Richard Cordray
View CFPB press release
General Counsel Melissa Murphy says, "The Fund is already evaluating how this will affect things such as DoubleTime® upgrades, legal education and training, webinars and other aspects of the rule. We are already engaged in strategy meetings to make sure that The Fund is right on target to support our Members in light of the delayed implementation date." Melissa went on to say that "Members should be on the alert for additional information in the very near future."