CFPB's Richard Cordray Issues Warning to Vendors

Consumer Financial Protection Bureau (CFPB) Director Richard Cordray recently issued a warning to mortgage technology vendors for a lack of compliance with the CFPB's TILA-RESPA Integrated Disclosure (TRID) Rule. Addressing the Mortgage Bankers Association's Annual Convention and Expo, Cordray said he was "disturbed" by vendors' lack of effort to implement the rule, despite having had two years to prepare for its implementation. He also suggested that other financial agencies should pay attention as well. "It may well be that all of the financial regulators, including the Consumer Bureau, need to devote greater attention to the unsatisfactory performance of these vendors and how they are affecting the financial marketplace."