TRID Rule Effective Date Delayed Until October
On June 17, 2015, Richard Cordray, Director of the Consumer Financial Protection Bureau (CFPB), announced that the Truth in Lending and Real Estate Settlement Procedures Act mortgage integration (TRID) rule effective date will be delayed by two months.
Director Cordray said in a statement:
“The CFPB will be issuing a proposed amendment to delay the effective date of the Know Before You Owe rule until October 1, 2015. 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.”
CLA’s financial institution regulatory compliance team assists banks and credit unions nationwide in establishing regulatory compliance programs, conducting compliance testing, and training staff on regulations. Justin Robinson is a member of CLA’s regulatory compliance team and can be reached at justin.robinson@CLAconnect.com.
Comments are closed.