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CFPB Proposes to Postpone TRID Effective Date to Oct. 3
Thursday, July 2, 2015 6:40 AM

The Consumer Financial Protection Bureau has announced a proposal to postpone the Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA) integrated disclosures (TRID) rule’s effective date from Aug. 1 to Oct. 3, 2015. The rule requires updated forms that lay out the terms of a mortgage for the borrower.

CFPB said it moved the date to provide the industry and consumers a smoother transition to the new rules and moved it to a Saturday to give industry time during the weekend to launch new system configurations and test their systems. It said a Saturday date is consistent with the existing industry plans tied to the original Aug. 1 date, which also is a Saturday.

Credit unions have until July 7 to comment.

CUNA, while welcoming the delay, indicated it would continue to strongly advocate for a safe harbor period through Dec. 31 to protect credit unions and other financial institutions from liability under enforcement of the new rule as they acclimate to the new TRID requirements.