Two weeks after declining requests from industry and members of Congress for delayed enforcement of the TILA-RESPA Integrated Disclosure (“TRID”) rule, the CFPB announced today that it will be issuing a proposed amendment to delay the rule’s effective date from August 1 to October 1, 2015. CFPB Director Richard Cordray stated:
We made this decision to correct an administrative error that we just discovered in meeting the requirements under federal law, which would have delayed the effective date of the rule by two weeks. We further believe that the additional time included in 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.
The announcement further stated that “[t]he public will have an opportunity to comment on this proposal and a final decision is expected shortly thereafter.”
For additional information and resources on the TRID rule, please visit our TRID Resource Center.