CFPB delays TRID

Per NMN:

WASHINGTON — After months of declining industry and congressional pleas to delay an impending rule combining two mortgage disclosure regimes, the Consumer Financial Protection Bureau on Wednesday announced a two-month delay due to an “administrative error.”

The CFPB released a statement from Director Richard Cordray saying the agency would issue a “proposed amendment” delaying the effective date to Oct. 1.

The rule, which would create an “integrated disclosure” combining requirements of the Truth in Lending Act and the Real Estate Settlement Procedures Act, is commonly known as TRID.

Although trade groups and nearly 300 members of Congress had pushed for the CFPB to delay the rule or offer a grace period for companies that simply make an effort to be in compliance, the CFPB said it decided to push the date back because of other reasons.

Read more at NMN