The Consumer Financial Protection Bureau (CFPB) Director Richard Cordray has received several letters recently regarding the TILA-RESPA Integrated Disclosures (TRID) rule. House Reps. Andy Barr (R-Ky.) and Carolyn Maloney (D-N.Y.) submitted a letter to the bureau asking it to consider delaying TRID enforcement, as did Senators Joe Donnelly (D-Ind.) and Tim Scott (R-S.C.).
The House Financial Services Committee’s Subcommittee on Housing and Insurance strongly hinted at increased pressure on the Consumer Financial Protection Bureau if it does not grant a forbearance period for the TILA-RESPA Integrated Disclosure Rule. Amidst pleas from the industry to encourage the bureau to grant a hold harmless period, some congressmen are preparing for a battle.
The House Financial Services Committee’s Subcommittee on Housing and Insurance held a hearing on May 14, regarding the TILA-RESPA Integrated Disclosure (TRID) rule in which five panelists testified that there needs to be a “preseason” for the industry to adapt to TRID. See what happened here.
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