On June 24, the Consumer Financial Protection Bureau (CFPB) issued a proposal to delay the TILA-RESPA Integrated Disclosure (TRID) Rule effective date. Originally slated for August 1, 2015, the effective date is now delayed to October 3, 2015.
According to a statement by the CFPB’s director, “The Bureau believes that moving the effective date may benefit both industry and consumers with a smoother transition to the new rules. The Bureau further believes that scheduling the effective date on a Saturday may facilitate implementation by giving industry time over the weekend to launch new systems configurations and to test systems. A Saturday launch is also consistent with existing industry plans tied to the original effective date of Saturday, August 1.”
The proposal will be open for public comment until July 7.
CSi awaits additional details regarding the proposed rule and will provide updates to our clients as they become available.