Alert: Proposed Amendment to Delay TRID Effective Date
Late yesterday, the Consumer Financial Protection Bureau’s Director, Richard Cordray, issued a statement on the implementation date of the TILA-RESPA Integrated Disclosure (TRID) rule. It states, in part:
“The CFPB will be issuing a proposed amendment to delay the effective date of the Know Before You Owe rule until October 1, 2015.” This decision is to correct an administrative error that would delay the effective date by two weeks, per federal law.
You can read the complete notice on the CFPB website.
Our CFPB project teams continue to aggressively and diligently work on this initiative to ensure that our network of Trusted Providers are well prepared to meet the new requirements. We will be working closely with our lender clients to understand the impact this will have on their schedules, and determine what adjustments we will make to our implementation and training schedules.
We will be actively monitoring this situation and will provide more information as it becomes available.