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ABA Statement on CFPB TRID Delay Print E-mail
Thursday, 18 June 2015

Frank Keating, president and CEO of The American Bankers Association (ABA), said:

“The ABA is pleased that the Consumer Financial Protection Bureau (CFPB) is extending the effective date to October 1 for the ground-breaking Know Before You Owe mortgage disclosure rule.

"This extension will help protect consumers from disruptions during a traditionally busy period for home purchases. It will also help to assure new loan origination systems and compliance software under development by lenders and the vendors on whom they rely will be adequately installed and debugged, and staff training completed, before the effective date.

“ABA also thanks CFPB for their announced intent to maintain an initial supervisory and enforcement approach that takes into account good-faith efforts by lenders to comply. The TRID rules (TILA-RESPA Integrated Disclosure rules) are among the most complex with which the banking industry has had to come into compliance, and the quality of compliance should be expected to improve based on the industry’s learning curve once systems go live.”

(Source - ABA News Release)  


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