Never Say Never: CFPB Gives Breathing Room For TRID Implementation

After months of playing hard-to-get with industry advocates, the CFPB's Director Richard Cordray put out a statement that the CFPB is proposing to delay the effective date of the TILA-RESPA Integrated Disclosure (TRID) by two months, from August 1 to October 1. According to Cordray, the time extension is being granted to correct an "administrative error . . .in meeting" federal law requirements but the additional time will also protect consumers from disruptions during a traditionally busy period for home purchases. Given the complexity of the TRID requirements, industry participants welcome the extra time to get compliance systems in order and staff trained before the effective date. This news comes weeks after the CFPB announced that it will provide a good-faith enforcement grace period for institutions working to implement the rule.