Hundreds of lawmakers wrote to the CFPB urging Director Richard Cordray to provide an enforcement grace period after the TILA-RESPA integrated disclosures take effect on Aug. 1 running through the end of 2015. The letters — from 255 representatives and 41 senators — note that TRID implementation is complex and that the lack of a grace period for lenders seeking to comply in good faith could “negatively impact consumers.”
The bipartisan letters — driven in part by grassroots action by ABA members — emphasized that a reasonable grace period would be useful in helping the banking and real estate industries continue to serve consumers during the busy fall homebuying season and would provide an opportunity for the CFPB to work with the industry to overcome implementation challenges.
ABA has strongly advocated with the CFPB for a limited grace period and supports legislative proposals in both houses of Congress to provide one.
Read the House letter.