The Consumer Financial Protection Bureau (CFPB) has finally
agreed to bend under the strain of numerous requests from financial
industry participants and 255 bi-partisan House members and 41
senators, who requested that the CFPB delay the implementation of
the new Truth in Lending Act and Real Estate Settlement Procedures
Act Integrated Disclosures (TRID) requirements. Although the TRID
will still go into effect as of August 1, 2015, the CFPB has agreed
to take into account the lenders’ good faith efforts to
comply with the TRID.
The CFPB’s announcement should not be interpreted to mean
that lenders are not required to use the new forms. Lenders must
comply with the new Rules and use the TRID forms as of August 1,
2015, but now lenders can breathe a bit easier knowing that they
will have time to test their systems and work out any technical
glitches that may arise with the use of the new forms.
