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Groups Ask Congress for "Breathing Room" on TRID

Friday, May 15, 2015

There was an unusual degree of consensus at a Congressional hearing on implementation of the new Truth-in-Lending (TILA) and RESPA Integrated Disclosure Rule (TRID).  All four individuals testifying on behalf of different housing industry interests overwhelmingly agreed that, while implementation of TRID should continue as scheduled on August 1, there should be a grace period for enforcement.

TRID was developed over several years and several incarnations by the Consumer Financial Protection Bureau (CFPB), and while each witnesses at the House Financial Services subcommittee hearing were generally complementary of the agency's work, all encouraged the committee to insist that a five month "hold harmless" period be put in place and that CFPB should not begin enforcement of the TRID rule until January 1, 2016.

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