WASHINGTON—The Consumer Financial Protection Bureau has agreed to delay until Oct. 1 the implementation deadline for the Truth in Lending Act RESPA Integrated Mortgage Disclosure requirements, known as TRID.
The deadline had been Aug. 1 and numerous financial services trade groups had been pressing for the extension, including NAFCU and CUNA.
“We made this decision to correct an administrative error that we just discovered in meeting the requirements under federal law, which would have delayed the effective date of the rule by two weeks,” said CFPB Director Richard Cordray. “We further believe that the additional time included in the proposed effective date would better accommodate the interests of the many consumers and providers whose families will be busy with the transition to the new school year at that time.”
NAFCU President and CEO Dan Berger said the decision is welcomed by credit unions, but more is needed.
“This two-month delay would give credit unions much-needed time to complete their testing and update processes as they seek to comply with this complex rule,” Berger said. “However, NAFCU believes the bureau and the National Credit Union Administration still must take credit unions' good-faith efforts to comply into account – beyond the Oct. 1 deadline.”