On May 12, CFPB Director Richard Cordray addressed the National Association of Realtors regarding the 2008-2009 economic crash and the gradual recovery of the American housing market. In an effort to restore consumers’ confidence in the mortgage market, the Bureau implemented rules, such as the Ability-to-Repay rule and the Qualified Mortgage rule, to ensure that lenders were offering consumers mortgages they could afford. Effective August 1, the Bureau’s “Know Before You Owe” rule will replace the current separate disclosures required by TILA and RESPA with combined TILA-RESPA disclosures (“TRID”); the new forms are “consumer-tested to be more user-friendly, which will ease the process and improve the consumer experience.”. In his remarks, Cordray did not signal that the TRID effective date or enforcement of the same would by delayed by the Bureau.