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CFPB Announces Extension for TRID Implementation

on Wednesday, 22 July 2015 in Banking Update

After hinting for several months that a delayed effective date may be in the works, the Consumer Financial Protection Bureau (CFPB) announced in late June that it will delay the effective date of the TILA-RESPA Integrated Disclosure rule, also known as “TRID.”

In a cryptic announcement accompanying the CFPB’s proposal to issue a rule change delaying the TRID effective date from August 1 to October 1, CFPB Director Richard Cordray referenced the Bureau’s recent discovery of “an administrative error” that would have caused a two-week delay in the effective date as the basis for the delay. He also noted that the additional time will “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.”

The proposed rule change is expected to become final shortly after the close of the public comment period.

The delayed effective date, while welcome, falls short of calls made in a months’ long effort by Congress and industry representatives for a longer implementation period given the complexity and the technology challenges posed by the TRID rule. In a May 20, 2015 letter to Director Cordray, 290 congressional leaders had recommended that the CFPB allow at least five more months before the rule taking effect.

Jonathan J. Wegner

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