Members of Congress Urge CFPB to Follow Restrained Enforcement for TRID

April 2, 2015

Reps. Blaine Luetkemeyer and Randy Neugebauer asked the Consumer Financial Protection Bureau (CFPB) to follow a “hold harmless” period of restrained enforcement and liability through the end of 2015 following the Aug. 1 implementation of the TILA-RESPA integrated disclosures (TRID).

In a letter to CFPB Director Richard Cordray, the representatives said that August is one of the busiest months for home closings, as many homebuyers look to move into their homes before the start of the school year. The lawmakers, who are members of the House Financial Services Committee, are worried that the changes are going into effect during one of the busiest home buying months of the year. According to data from the National Association of Realtors, 10 of the 25 busiest days for existing home sale closings in 2014 occurred in or after the month of August. The letter said a delayed enforcement period “would allow parties to better understand the changes associated with TRID.” A period of restrained enforcement against liability also would allow the CFPB to evaluate any unforeseen issues.

“These dramatic changes to the home-buying process will impact millions of Americans,” the representatives wrote in the letter. “We owe it to consumers to ensure that the process you put in place functions properly.”

The letter asked the bureau to examine and report the magnitude of possible problems stemming from implementation. An outline of the CFPB’s contingency plan to respond to questions about TRID compliance also was requested. The representatives asked for Cordray to respond by April 17.

In March, ALTA requested the CFPB follow a five-month restrained enforcement period after the new TILA-RESPA integrated disclosures (TRID) go into effect. 

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