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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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