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Politico: Cordray Discusses TRID Grace Period with Lawmakers
Wednesday, June 3, 2015 6:35 AM

According to a June 2 report from Politico Pro, Consumer Financial Protection Bureau Director Richard Cordray met with lawmakers Tuesday to discuss the bureau’s new mortgage disclosures rule, The Truth-in-Lending Act-Real Estate Mortgage Disclosure Act integrated disclosures (TRID) rule.

The rule is scheduled to become effective Aug. 1, 2015. According to the report, the CFPB is likely to make an announcement regarding the rule in the next few days.

Credit Union National Association and a number of lawmakers have requested a safe harbor period through the end of the year to allow credit unions and other financial institutions to figure out the day-to-day aspects of complying with the rule without worrying about enforcement and liability.

More than 300 members of Congress wrote to the CFPB last week requesting the same safe harbor, and a number of mortgage industry stakeholders explained the importance of the grace period in a recent House Financial Services subcommittee hearing.

Rep. Blaine Luetkemeyer (R-MO), who reportedly was one of the legislators who met with Cordray Tuesday, has previously said he has heard from a number of businesses that the mortgage industry and vendors, despite having spent upwards of $100 million for new systems, will not be fully ready for the change.