CFPB Announces Proposal to Delay TRID Rule Until October

Although the Consumer Financial Protection Bureau (“CFPB”) announced two weeks ago that it would not delay implementation of the combined TILA-RESPA Integrated Disclosure (“TRID”) rule, yesterday the CFPB reversed course. Director Cordray issued a statement that it will propose an amendment to delay the rule’s effective date from August 1 to October 1. The full text of the statement can be found here, but the CFPB based the decision to delay on needing “to correct an administrative error” and to accommodate the interests of “consumers and providers whose families will be busy with the transition to the new school year.”

Should you have additional questions, please do not hesitate to contact Spilman.

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By R. Scott Adams

R. Scott Adams

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