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Wednesday, September 30, 2015

ABA Issues Update on TRID Readiness

ABA sent a memo to all member bank CEOs to provide an update on TRID implementation and options bankers may be considering. The memo addresses the late software deliveries being reported across the industry, leaving little to no time for testing and training, and the regulatory and legal environment around TRID implementation. ABA said:

Bank management should carefully consider compliance, operational, buy back and other risks, and should take into account the unique circumstances that apply to their institution. To understand how the TRID transition continues to unfold, it will be very important that banks closely monitor TRID-related activities, including legal, legislative, regulatory and investor developments, as well as supplemental ABA reports and analysis.

Read the memo.

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