June 17, 2015
The Consumer Financial Protection Bureau (CFPB) has delayed implementation of the new TILA-RESPA Integrated Disclosure (TRID) by two months until October 3, 2015. The CFPB said it took the action due to an administrative error and to better accommodate consumers and providers.
On June 2, 2015 CBAI submitted a comment letter to the CFPB urging the Bureau to allow for a period of restrained enforcement and liability (a grace period) for community banks attempting to comply in good faith with the regulations between the [original] August 1st effective date and through year-end 2015.
While CBAI is pleased that the original extension date has been extended to October 3rd, we will none-the-less be advocating for an additional grace period which is not without precedent and will be beneficial to customers and community banks. Read June 2 CBAI Comment Letter.