[author: Richard J. Andreano, Jr.]

In July, the CFPB proposed amendments to Regulation Z (TILA) and Regulation X (RESPA) to implement various provisions of the Dodd-Frank Act. Those proposals included an expansion of the definition of “finance charge” to include additional charges, and a new test for determining when a mortgage meets the APR trigger for a “high-cost mortgage” to offset the expanded finance charge. 

The CFPB has announced that it is extending the comment period on those two aspects of its proposals from September 7 until November 6, 2012. However, the extension does not affect the September 7 comment deadline that applies to various other aspects of the proposals, such as those dealing with changes to the high-cost mortgage APR triggers, new restrictions on loan terms and lender practices with respect to high-cost mortgages, and new counseling requirements for high-cost mortgages.