Lawmakers ask CUNA, partners to inform of TRID enforcement actions

Despite more than 250 members of the U.S. Congress urging the Consumer Financial Protection Bureau (CFPB) to provide a formal hold-harmless period for its new mortgage rule, no such grace period has been put forth, noted Reps. Randy Neugebauer (R-Texas) and Blaine Luetkemeyer (R-Mo.), in a letter Thursday.

The CFPB’s Truth in Lending Act-Real Estate Settlement Procedures Act integrated disclosures (TRID) rule is effective Oct. 3.

Neugebauer (R-Texas) and Luetkemeyer (R-Mo.), chairs of House Financial Services subcommittees, wrote to CUNA and other financial trade organizations Thursday asking them to keep Congress informed of TRID impacts.

“Is it our hope that financial services trade associations monitor TRID-related penalties assessed to financial institutions and other businesses and consumers party to real estate transactions, and report and all enforcement actions, or threat of enforcement actions, to Congress,” the legislators wrote. “Your willingness to keep us informed will allow Congress to have a full idea of the immediate liability costs associated with TRID.”

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