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Thursday, March 19, 2015

ABA, Groups Seek TILA-RESPA Grace Period

ABA and several real estate and financial trade groups asked the CFPB to provide a “grace period” for enforcement from August 1, when the TILA-RESPA integrated mortgage disclosure rule takes effect, through the end of the year. A grace period is important, they said, because “there is no opportunity under this regulation to comply early, which means that industry will not be able to test systems, in real time, in real circumstances, until after August 1.”

The groups added that under the grace period, mortgage businesses would still be required to comply; however, relief from enforcement penalties and liability would give the industry an opportunity to test the new disclosures in good faith while providing the CFPB time to issue any necessary interpretive guidance. The groups added:

We would like to use this grace period to identify pain points with stakeholders and then meet with bureau staff to address these issues and allow the CFPB time to provide additional written guidance. [C]larification in this area will avoid undue confusion, frustration and costs for consumers.

Read the letter.

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