CFPB Takes First Steps Toward Greater Clarity on TRID Enforcement
On June 3, 2015, NAR President Chris Polychron issued a statement in response to the Consumer Financial Protection Bureau’s (CFPB) announcement regarding implementation of the new Truth in Lending Act and Real Estate Settlement Procedures Act Integrated Disclosure regulation. In his remarks, President Polychron stated that NAR appreciates the “sensitivity” offered by the CFPB to companies making a good-faith effort to comply with the new TILA-RESPA Integrated Disclosure regulation and that NAR will continue to work with the CFPB to minimize any possible market disruptions or uncertainty when the rule takes effect August 1, which is the busiest transaction season for real estate.
NAR has been leading the effort to ensure an effective implementation of the TRID regulation. It was through NAR member efforts during the 2015 REALTOR® Legislative Meetings and Trade Expo that almost 300 U.S. Senators and Representatives signed onto a letter to CFPB Director Richard Cordray to ask for the clarification that was issued yesterday. NAR has long advocated a period of restrained enforcement and liability for the TILA-RESPA Integrated Disclosure rule and will continue to have a dialog with Congress and the CFPB as it moves toward the August 1, 2015 implementation date.
NAR extends its gratitude to U.S. Reps. Blaine Luetkemeyer, R-Mo.; Andy Barr, R-Ky.; Carolyn Maloney, D-N.Y.; Steven Pearce, R-N.M.; Brad Sherman, D-Calif.; and U.S. Sens. Tim Scott, R-S.C.; and Joe Donnelly, D-Ind., who came together at NAR's request, to bring this issue to the attention of the CFPB.
Visit www.nar.realtor/trid for more information on TRID.