Removing Barriers Blog

CFPB Announcement on TRID Rule Implementation
Posted June 03, 2015 by CUNA Advocacy

Today, CFPB Director Richard Cordray announced that the Truth-in-Lending Act-Real Estate Mortgage Disclosure Act (TRID) rule implementation will grant mortgage lenders leniency on the August 1st implementation date. CUNA has requested such a delay before congress, calling for a safe harbor period through the end of the year. We support the CFPB’s goal of increased transparency in these new disclosures, and we hope that credit unions will now have the time they need to sort out how to comply with the rule.

Representative Luetkemeyer (R-MO) and Representative Neugebauer (R-TX) who serve on the House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit said that they felt the announcement fell short of their expectations. In a formal statement they expressed appreciation for the CFPB’s announcement, but they also called for the Bureau to give an exact timeframe for a formal hold harmless period in order to provide market certainty. They felt that Director Cordray implied in a meeting yesterday that the CFPB would go further. Rep. Luetkemeyer and Rep. Neugebauer called on banking regulators to stand by their commitment and to work with consumers and market participants to ensure seamless implementation of rules. Further, the two called on major financial services trade associations, like CUNA, to keep them updated on any disciplinary actions taken by CFPB and other financial regulators on TRID implementation.