CFPB’s delay had serious consequence for companies that had been diligently working toward August 1, 2015.
The Consumer Financial Protection Bureau (CFPB) gave the mortgage industry quite the surprise on June 24 of this year. With only 27 working days until the August 1 effective date of the TILA-RESPA Integrated Disclosure rule (or “TRID” for short), it proposed to delay the rule’s effective date to October 3. The reason? The agency that holds the industry to the fire for compliance with its regulations missed one of its own compliance requirements for the TRID rule. The CFPB dubbed its mistake as an “administrative error.” But this administrative error had serious consequences, both good and bad, for the industry. Some are TRIDiculously happy; others are stuck TRIDing water on their project plans. And the proposed delay has repercussions for not only TRID, but for the CFPB’s future mortgage rulemakings as well.
Read the complete article by Richard Horn from dsnews.com.
