CFPB to propose delay of TRID rule implementation to Oct. 1
AML AND COMPLIANCE NEWS |
Consumer Financial Protection Bureau (CFPB or Bureau) Director, Richard Cordray, issued a statement indicating the Bureau will issue a proposed rule to delay the effective date of the TILA-RESPA integrated disclosure (TRID) rules until Oct. 1, 2015.
According to the statement, the decision was made "to correct an administrative error that we [the CFPB] just discovered in meeting the requirements under federal law which would have delayed the effective date of the rule by two weeks." Director Cordray also shared the Bureau's belief that the additional time before 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."
Until the proposed rule is issued, it is not known if the Bureau will also use this as an opportunity to address any other issues that have been raised by industry, or to make any technical corrections to the TRID rules. It is also uncertain if the "sensitive implementation" of supervisory enforcement of the TRID rules announced by the Bureau will apply after the Oct. 1 effective date, or if it will be eliminated as a result of the extra time provided before implementation.
Of course there will be a comment period for the proposal, and Director Cordray has indicated that a final rule can be expected shortly after the comment period. This process will have to move quickly considering the current Aug. 1 effective date.