On November 20, the Consumer Financial Protection Bureau announced that it is seeking public comments on the TRID Integrated Disclosure Rule, otherwise known as the “TILA-RESPA Integrated Disclosure” (“TRID Rule”) in accordance with Section 1022(d) of the Dodd-Frank Act. The TRID Rule implemented the Dodd-Frank Act’s directive to combine certain mortgage disclosures that consumers receive under TILA and RESPA and requires that all creditors use standardized forms for most transactions.
The CFPB is interested in determining the effectiveness of the TRID Rule, including whether it achieves the objectives of Title X of the Dodd-Frank Act. The public is invited to comment on the effectiveness of the TRID Rule, as well as provide recommendations to modify and improve it – or provide justification for eliminating the TRID Rule altogether.
A link to the notice and comment can be found here.