A bipartisan group of 255 members of Congress have sent a letter to the CFPB seeking a grace period for enforcement of the TILA-RESPA Integrated Disclosure (TRID) rule which becomes effective on August 1, 2015. They ask for the grace period to apply to “those seeking to comply in good faith from August 1st through the end of 2015.”
In March 2015, the CFPB received a similar request from a group of 17 trade associations and organizations. Last month, a bipartisan bill was introduced in the House to provide a temporary safe harbor from enforcement of the TRID rule.
In their letter, the 255 members of Congress note that the TRID rule does not provide lenders an opportunity to start using the new disclosures before the August 1 effective date, and that the inability of lenders to test their systems and procedures ahead of time increases the risk of unanticipated disruptions on August 1. They also observe that during the grace period, industry can provide data to the CFPB on issues that arise to allow the CFPB and industry to work together to improve the TRID rule’s effectiveness.