On Tuesday the Consumer Financial Protection Bureau (CFPB) issued a final rule extending the effective date of the Truth-in-Lending Act/Real Estate Settlement Procedures Act Integrated Disclosures (TRID) rule to October 3, 2015.
The original effective date was set for August 1, 2015. On June 24, 2015, the Bureau proposed a two month extension of the effective date to correct an administrative error that would have delayed the effective date of the rule by at least two weeks, until August 15, at the earliest.
The CFPB believes the new effective date of Saturday, October 3, 2015, which is consistent with the initial CFPB plan for the TRID rule to become effective on a Saturday, allows the industry time over the weekend to launch and test new system configurations.
The Bureau is also making technical corrections to two provisions of Regulation Z adopted by the TILA-RESPA Final Rule.
A copy of the final rule is available here.
Written by Robin Cooper.