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CFPB's Cordray: TRID Rule Delayed to Oct. 1
Thursday, June 18, 2015 6:45 AM

Yesterday, Consumer Financial Protection Bureau Director Richard Cordray announced that the "Know Before You Owe" mortgage disclosure rule, which includes the Truth-in-Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA) Integrated Disclosures (TRID) regulation, will now go into effect Oct. 1, rather than the original Aug. 1 date.

“We made this decision to correct an administrative error that we just discovered in meeting the requirements under federal law, which would have delayed the effective date of the rule by two weeks," Cordray said. "We further believe that the additional time included in the proposed effective date would better accommodate the interests of the many consumers and providers whose families will be busy with the transition to the new school year at that time.”

The public will have an opportunity to comment on this proposal and a final decision is expected shortly thereafter.