Earlier this week, the Consumer Financial Protection Bureau (“CFPB”) issued its proposed rule regarding delayed implementation of the TILA-RESPA Integrated Disclosure (“TRID”) Rule. The new date the CFPB selected is October 3, two days later than the previously announced date.
The CFPB explained that “scheduling the effective date on a Saturday may facilitate implementation by giving industry time over the weekend to launch new systems configurations and to test systems. A Saturday launch is also consistent with existing industry plans tied to the original effective date of Saturday, August 1.”
Please take note that entities need to use the existing forms and cannot comply early with the TRID Rule.
Please look at the proposed rule, which is open for comment through July 7.
Please contact Spilman if you have questions.