Financial Institutions and Markets

Contact: Stephanie Kalahurka; Spencer Fane Britt & Browne LLP (Missouri, USA)

In the past year, the CFPB has issued 1,097 pages of final mortgage rules.

I consider myself to be an efficient reader, and it took me roughly three and a half minutes to read just one of those pages. At that rate, a bank compliance officer would need almost 64 hours of uninterrupted time just to read the text of the new regulations.

Once.

If it takes 64 hours just to read the new rules, you can imagine how much more time will be needed to understand, internalize, apply and implement. It’s staggering. And with the January 2014 effective date looming, many banks are beginning to feel the strain.

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